Sunday, June 20, 2010

Krugman On Washington's Replay Of 1930s Stupidity

Suddenly, creating jobs is out, inflicting pain is in. Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s. 

Many economists, myself included, regard this turn to austerity as a huge mistake. It raises memories of 1937, when F.D.R.’s premature attempt to balance the budget helped plunge a recovering economy back into severe recession. And here in Germany, a few scholars see parallels to the policies of Heinrich Brüning, the chancellor from 1930 to 1932, whose devotion to financial orthodoxy ended up sealing the doom of the Weimar Republic. 

Yes, both political parties are acting as if fiscal austerity will result in saving the American economy. Oh, yes. All those jobless people and starving families will do a world of good, just as they did in 1937. Learned lessons are so easily forgotten, one wonders why historians and economists even bother to write anything down. Obama and Republicans alike are intent on proving which of them can act the bigger fools, which might be amusing if it weren't on the verge of driving millions of Americans to economic ruin.

I hope the Villagers end up eating like the very worst-situated of the people harmed by their actions. GODDAM FOOLS!

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