[FoRK] Krugman in NYT: The Third Depression
jbone at place.org
Mon Jun 28 13:40:21 PDT 2010
On Jun 28, 2010, at 3:05 PM, geege schuman wrote:
> 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.
>> 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
> 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.
That's an excellent analogy.
I disagree with the conclusion.
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