Paul Krugman has been berating against austerity hawks for years now to little effect. His latest rant, a good one as usual, is here. He gives excellent arguments, always has, for why austerity doesn’t work in a time of high unemployment and low growth. Maybe there are many of these austerity hawks who know this but as long as they themselves benefit, why change their cash cow?
Oh, and is there anyone out there who can give counter arguments as to why austerity might work? I doubt I’ll get an answer because during the last week this blog received only 15 unique visits. The chance that one of those might be willing, or especially, even interested in taking on Paul Krugman, is pretty slim indeed.