Galbraith on the consequences of fiscal austerity

What would a significant fiscal adjustment, as the jumping of the so-called fiscal cliff would require next year, would be you ask? Jamie Galbraith has provided a timely answer in the Nation (here; hat tip Nathan Cedrus Tankus). In short: "a big deficit-reduction program would destroy the economy, or what remains of it, two years into the Great Crisis."

Comments

  1. Thanks for linking to that piece. Galbraith puts it clearly and forcefully, leaving no room for misunderstanding. It gives me some hope that a magazine like The Nation is printing it.

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