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Politics : View from the Center and Left
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To: Sam who wrote (103529)2/8/2009 4:28:49 PM
From: Steve Lokness  Read Replies (1) of 542058
 
Sam;

One of these prejudices is the fear of red ink. In normal times, it’s good to worry about the budget deficit

Thanks for the link. I could agree with Krugman here if we hadn't been so reckless on the debt under Bush - that is one reason I hated his adminstration so. We should have ran budget surpluses during the good times so we could be bold now. But to now think we can address this slump as if the deficits weren't there place our whole economy in jeopardy IMHO. Put another way; in an ideal world Krugman may have some validity, but you have to play the hand you were dealt.

F.D.R.’s premature attempt to balance the budget in 1937 almost destroyed the New Deal.

This almost proves the opposite of what Krugman believes doesn't it? In 37 the depression had lasted 8 years of keynesian style money. 8 years. Then in 37 when there was an attempt to balance the budget the depression lasted only a couple of more years.
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