Instant Economics Lesson
If you’re the least bit confused about our current economic situation, you need to read this short blog entry from Paul Krugman. Well, my readers should be reading Krugman anyway but this is a link to share with your friends.
”What I wonder is: if you had polled Americans in 1936-37 about economic policy, what would they have said? I’m pretty sure they would have been very against deficits — yet FDR’s attempt to reduce the deficit was both economically and politically disastrous. “
It’s easy to rail against deficit spending. It’s hard to understand that -- at this time -- it is necessary. True, some people disagree. Some really smart people disagree. That’s life. We have to choose. I choose Krugman and Keynes.
June 19, 2009