Mark Blyth’s new book explains the damaging consequences of austerity in Europe and the U.S. As devoted readers of Paul Krugman know well, there’s plenty of evidence from the last six years indicating that austerity, the idea that the government can best boost the economy by engaging in significant tax hikes as well as spending cuts, simply doesn’t work — at least not in today’s economic conditions. With the U.S. going through a period of significant GDP growth, a decrease in the unemployment rate and a falling deficit, it’s a lesson that holds less salience today …read more
Source: AlterNet
