Krugman almost backs down on US "austerity"
The whole article is big fun, but I got a meeting with the dean this morning (I'm in TROUBLE!!!!!) so let's just focus on one bit:
"Meanwhile, countries that didn’t jump on the austerity train — most notably, Japan and the United States — continue to have very low borrowing costs.... "
But then he said this:
"That’s true even in America, which has avoided full-fledged austerity at the federal level but has seen big spending and employment cuts at the state and local level."
So close, Paul, so close. Just take out "full-fledged" and "big" and add "over the last 18 months" at the end.