We Are So Fucked
From
Paul Krugman's piece in NYT:
So the moralizers are winning. More and more voters, both here and in Europe, are convinced that what we need is not more stimulus but more punishment. Governments must tighten their belts; debtors must pay what they owe.
The irony is that in their determination to punish the undeserving, voters are punishing themselves: by rejecting fiscal stimulus and debt relief, they’re perpetuating high unemployment. They are, in effect, cutting off their own jobs to spite their neighbors.
But they don’t know that. And because they don’t, the slump will go on.
Not that I'm a fan of Paul Krugman, but the gist of what he's saying is correct. I'm a bigger fan of Cullen Roche. Here's his take:
ReplyDeletehttp://pragcap.com/election-results-big-win-gop
Pray the Republicans get their way and the Bush tax cuts are extended. It is fiscal stimulus in disguise and the only likely stimulus we'll get out of the new Congress. Hell, maybe they'll even add to them. Now that would help Main Street.