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Politics : Mainstream Politics and Economics

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To: koan who wrote (52914)	9/6/2013 10:22:05 AM
From: Broken_Clock	Read Replies (2) of 85487

Krugman Overboard! Says Economic Policy a ‘Horrifying Failure’ finance.yahoo.com By Morgan Korn \| Daily Ticker – 34 minutes ago [iframe width="630" height="354" frameborder="0" scrolling="no" src="http://finance.yahoo.com/video/krugman-overboard-says-economic-policy-134253716.html?format=embed&player_autoplay=true" name="iframeArticle_bbcb0b9d-ab11-3d1b-be27-8a6dc33fbc21_0" id="iframeArticle_bbcb0b9d-ab11-3d1b-be27-8a6dc33fbc21_0" class="yom-art-video"][/iframe] Nobel Prize-winning economist and New York Times columnist Paul Krugman argues in his new editorial that U.S. economic policy over the last five years has been “an astonishing, horrifying failure.” Krugman, a long-time critic of the Obama Administration’s stimulus efforts, writes that the U.S. government should have spent three times the amount of money it did to get the economy back on its feet: “…if the U.S. government had actually been able and willing to do what textbook macroeconomics says it should have done — namely, make a big enough push for job creation to offset the effects of the financial crunch and the housing bust, postponing fiscal austerity and tax increases until the private sector was ready to take up the slack…we would be a richer nation, with a brighter future — not a nation where millions of discouraged Americans have probably dropped permanently out of the labor force, where millions of young Americans have probably seen their lifetime career prospects permanently damaged, where cuts in public investment have inflicted long-term damage on our infrastructure and our educational system.”

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