I believe that when I began criticizing the Cameron government’s push for austerity, some right-leaning British papers demanded that I shut up. But the original critique of austerity is holding up pretty well, if you ask me.
Paul Krugman, “The Greater Depression.”
See Krugman’s “Austerity Memories” for another good (and very short) comment on the failure of austerity measures in Britain.
(via ryking)
we have a century’s worth of depressions, recessions, and national responses from which to glean possible solutions to our current situation. one response which doesn’t happen to be an observable viable solution anywhere in that history, however— “austerity.”
no one argues that our debt isn’t a problem, but if the homeless man doesn’t borrow another ten bucks to get a shave, haircut, shower and thrift store suit, he’s never getting the job to even begin paying back his creditors. borrow and spend the extra ten bucks, take a bath and get the economic engine going again. then we’ll talk about repayment. but without a viable economy there’s no possibility of repayment, period, and we are literally doomed to insolvency. —cbg
