(10 am. – promoted by ek hornbeck)
Cross posted from The Stars Hollow Gazette
Austerity was thoroughly trounced by a couple of university grad students who discovered major omissions in the much touted study by a couple of Pete Peterson’s paid cronies. So why are we still even talking about it? Good question that no one so far has asked our fearless leader in Washington.
Up host Steve Kornacki discussed whether the elite consensus on austerity has started to shift and if there is any effect on the opinions in Washington. His guests Josh Barro, Columnist, Bloomberg View; Jared Bernsein, former economic adviser to V.P. Joe biden; Lori Montgomery, Economic Policy Reporter, The Washington Post; and Heather McGhee, Vice President, Demos; examine the lessons that can be learned from Europe’s austerity experience and what the US economy will look like if it continues on the austerity path. The panel also discussed how conservative have backed away from cuts to Social Security shifting their focus to tax reform, controlling spending through cost efficient measures and the roadblocks to getting it done.
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Paul Krugman is an odd man out in every panel discussion I have seen.
FDR, the vaunted champion of Keynesianism, actually attempted first to outdo Hoover with austerity and later nearly threw us back into the depths of depression with efforts to balance the budget.
My mother revered the man. I found that most odd and do today.
The problem with Keynesianism is that it has never been tried, reports Krugman.
Indeed so.
Best, Terry