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Politics : View from the Center and Left

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To: Steve Lokness who wrote (103525)	2/8/2009 3:46:06 PM
From: Sam	Read Replies (1) of 542048

Steve, here is Krugman last November on deficits: To pull us out of this downward spiral, the federal government will have to provide economic stimulus in the form of higher spending and greater aid to those in distress — and the stimulus plan won’t come soon enough or be strong enough unless politicians and economic officials are able to transcend several conventional prejudices. One of these prejudices is the fear of red ink. In normal times, it’s good to worry about the budget deficit — and fiscal responsibility is a virtue we’ll need to relearn as soon as this crisis is past. When depression economics prevails, however, this virtue becomes a vice. F.D.R.’s premature attempt to balance the budget in 1937 almost destroyed the New Deal. nytimes.com The title of the column was, "Depression Economics Returns".

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