Paul Krugman: The Austerity Agenda

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Even if you have a long-run deficit problem -- and who doesn't? -- slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression. The austerity drive in Britain isn't really about debt and deficits at all; it's about using deficit panic as an excuse to dismantle social programs. And this is, of course, exactly the same thing that has been happening in America.

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