Krugman reminds us if it were not for Obama/Dems, we would have joined Europe in an austerity orgy

[kpete]

Krugman also reminds us that if it were not for Obama and congressional Democrats, we would have joined Europe in an austerity orgy - which, by the way has produced unemployment rate peaks up around 11% - 12% and which have only just recently begun to drop off as austerity is finally easing up over there:

..............

I see a reminder of what was really going on before the debt scolds tried to rewrite history. These days, they always insist that they weren’t arguing for short-run fiscal austerity. Oh yes they were: in the linked article, Ken Rogoff explicitly attacks those who wanted to maintain fiscal stimulus, and ridicules those suggesting that pursuing fiscal consolidation “risks throwing already weak economies into double-dip recessions, or even a sustained depression.”

Um, Europe?



The point is that it was or should have been obvious way back in 2010 both that debt panic was unjustified and that it was helping to rationalize policies that would be very destructive.


http://krugman.blogs.nytimes.com/2014/02/06/austerity-memories-2/?_php=true&_type=blogs&module=BlogPost-Title&version=Blog%20Main&contentCollection=Opinion&action=Click&pgtype=Blogs®ion=Body&_r=0

[Cha]

1. Thanks Krugman.. somebody has to remind

people and it might as well be you.

thanks kpete