Some of the pain of the last seven years could have been avoided. We could have had a much faster recovery if the U.S. government had ramped up public investment and put more money in the hands of families likely to spend it, Krugman reminds. But the Obama stimulus was much too small and short-lived — as many of us warned, in advance, it would be — and since 2010 what we have actually seen, thanks to scorched-earth Republican opposition on all fronts, are unprecedented cutbacks in government spending, especially investment, and in government employment. Government paralysis caused by the Party of No is the true culprit in this sluggish recovery, Krugman writes, paralysis that has, alas, richly rewarded the very politicians who caused it.
Posted on: Sat, 13 Dec 2014 20:34:52 +0000
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