By Mark A. Calabria
Apologists for big government have regularly warned that Europe’s austerity measures would push the European economy into a recession. To some extent they’ve been correct, but not for the reasons they claim. So far austerity in countries like Greece and Italy have been austerity for the private sector, not the public. They’ve attempted to close budget gaps [...]
Italy Slowly Recognizes that the Substance of ‘Austerity’ Matters is a post from Cato @ Liberty – Cato Institute Blog
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Ezra Klein, Mark Thoma, and Paul Krugman take issue with David Brooks for suggesting that the failure in recent years to keep budget deficits under control represents a moral issue. “Every generation has an incentive to spend on itself,” Brooks writes, “but none ran up huge deficits until the current one. Some sort of moral norms prevented them.” Krugman and company are having none of it. In their view, busting deficits are just the natural result of a recession, not a matter of American virtue or character. “Current deficits reflect … More
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Despite a recent spate of good economic data, including last week’s jobs report, the U.S. economy remains deeply depressed. Don’t take my word for it. That’s how Paul Krugman, leftist econo-pundit extraordinaire, describes the economy. In a recent column in The New York Times, he wrote, “our economy remains deeply depressed.” As Krugman pointed out, given an honest appraisal, one finds that “every silver lining comes with a cloud.” And thus it is with the recent good data, which while decidedly good and will hopefully persist, nevertheless cannot disguise the … More
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On this day last year, I posted two charts that I developed using the Minneapolis Federal Reserve Bank’s interactive website. Those two charts showed that the current recovery was very weak compared to the boom of the early 1980s. But perhaps that was an unfair comparison. Maybe the Reagan recovery started strong and then hit [...]
One Year Later, Another Look at Obamanomics vs. Reaganomics is a post from Cato @ Liberty – Cato Institute Blog
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