Britain Is a Victim of the Austerity Fad

Paul Krugman, New York Times
In the spring of 2010, fiscal austerity became fashionable. I use the term advisedly: the sudden consensus among Very Serious People that everyone must balance budgets now now now wasn’t based on any kind of careful analysis. It was more like a fad, something everyone professed to believe because that was what the in-crowd was saying. Paul Krugman And it’s a fad that has been fading lately, as evidence has accumulated that the lessons of the past remain relevant, that trying to balance budgets in the face of high unemployment and falling...

Source: http://www.realclearpolitics.com/2010/10/21/britain_is_a_victim_of_the_austerity_fad_244295.html

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