rhamphotheca:
The Nobel laureate talks about Washington, Europe and the bizarre alternate universe inhabited by deficit fear-mongering media and political elites.
The central message of Paul Krugman’s new book, End This Depression Now! is simple: It doesn’t have to be like this. No external dynamic is keeping unemployment at more than 8 percent and consigning a generation of young workers to an economy in which risk is plentiful and opportunities scarce. It is only a failure of political will — and an almost universal embrace of conservative voodoo economics – that is keeping us mired in this dark economic moment.
Of the 2009 stimulus, Krugman writes, “Those who had more or less the right ideas about what the economy needed, including President Obama, were timid, never willing either to acknowledge just how much action was required or to admit later on that what they did in the first round was inadequate.” Instead of treating the dismal jobs picture as a crisis requiring their full attention, Washington “pivoted” to talking about the deficit – a phantom menace — at precisely the wrong time. “People with the wrong ideas,” Krugman writes, “were vehement and untroubled by self-doubt.”…
(click above to read) (click here to listen to interview)
I love Paul Krugman. I need to rewatch his debate with Ron Paul sometime soon.
