Zero job growth, with unemployment still at nosebleed levels. Meanwhile, the interest rate on 10-year US bonds is down to 2.04%, and it’s negative on inflation-protected securities.
Aren’t you glad we pivoted from jobs to deficits a year and a half ago?
Meanwhile, on the other side of the pond, Is austerity killing Europe’s recovery?
After more than a year of aggressive budget cutting by European governments, an economic slowdown on the continent is confronting policymakers from Madrid to Frankfurt with an uncomfortable question: Have they been addressing the wrong problem?
Too bad there weren’t any prominent economists warning that the obsession with short-term deficits was a terrible mistake, that austerity would undermine hopes of recovery. Oh, wait.
From Krugman being grouchy in the NYT
This is Krugman’s fault for spending all him time arguing for alien invasions and breaking windows rather than a fact based analysis of the economy to guide practical, implementable public policy. Oh, wait.