Op-Ed Columnist – The Third Depression – NYTimes.com.
Krugman notes that what are effectively austerity policies will cause the current economic malaise to remain, dragging the economy down. Failure to support local and state governments who lack the means to maintain spending levels will in essence reverse the recovery as they are forced to lay off workers and cancel projects. Congress, or at least it’s GOP members and Blue Dog Democrats believe that deficit spending is greater threat than years of high unemployment.
It’s has if the lessons of the Great Depression were never learned at all. Maybe it’s time to curtail nation building in Iraq and Pakistan and spend that money here. At least we’d have something to show for it. After all the time and money spent in these unending wars and what have we to show for it? On the way into work this morning, I was listening to an NPR interview of an Afghan government official responsible for training the National Police Force. He said it would take another 7 to 8 years before they’d be capable of operating independently. WTF!?!?
Enough blood and treasure has been wasted trying to bring stability to region hasn’t know stability in living memory.
