If Krugman was right, there would be no poverty because all a government would have to do to eliminate poverty is print money, tax and redistribute wealth. Of course, all 3 of those solutions totally destroys the ability of any economy to even produce wealth and prosperity across a broad spectrum of the population.
New York Times columnist Paul Krugman’s latest piece “Death of a Fairy Tale” is yet another rant against austerity measures in Europe, especially in Britain. Such measures, he argues, would be disastrous for the United States, even though the world’s superpower is now more than $15 trillion in debt, with the highest deficits since World War Two. Krugman has consistently argued for a big government approach towards America’s economic problems – greater stimulus spending, higher taxes, and more bailouts. The Nobel prize-winning economist’s article is highly misleading in its claim that austerity is the cause of Europe’s economic woes today...
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