Amity Shlaes vs Krugman

This piece by Amity Shlaes on Bloomberg is an interesting defense of austerity as a way out of recession, depression, it shows that historically austerity can work well and there is no reason to think that it will not work today.  Given our problems this strengthens my feeling that austerity (and cutting gov’t and its entitlements sharply) is the way forward.

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