More from Krugman:
In short: the demand for immediate austerity is based on the assertion that markets will demand such austerity in the future, even though they shouldn’t, and show no sign of making any such demand now; and that if markets do lose faith in us, self-flagellation would restore that faith, even though that hasn’t actually worked anywhere else.
And this, ladies and gentlemen, is what passes for respectable policy analysis.
I recommend the rest.
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