[FoRK] Krugman in NYT: The Third Depression

geege schuman geege4 at gmail.com
Mon Jun 28 13:05:10 PDT 2010


On Mon, Jun 28, 2010 at 12:43 PM, Jeff Bone <jbone at place.org> wrote:

>
> On Jun 28, 2010, at 9:56 AM, geege schuman wrote:
>
> > Heard this and something else yesterday that I'm still trying to find.
> > Argument re timing.
> >
> > http://www.npr.org/templates/story/story.php?storyId=128143091
> >
> > Geege
>
> Yup, there's the small matter of that.
>
>
<CORNISH: But what are most economists saying? I mean is - keep spending or
balance the budget?

GEEWAX: Well, you know, Audie, we're talking about economics...

CORNISH: Right. Right.

(Soundbite of laughter)

GEEWAX: ...so there's always a big range of opinions here. But I would say
that most mainstream economists would say that governments shouldnt cut off
spending suddenly or raise taxes when an economy is pulling out of
recession.

And I was talking to this economist last week. And he said, obviously we
need debt reduction over time, but this summer it'd be the wrong time to
throw the car into reverse.>

It would be better to drive it over a cliff.

Geege


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