Avoid Knee-Jerk Opposition to Government Spending
Paul Krugman, The New York Times | October 17, 2008
While reports from stockmarkets dominate the news, what we should really worry about is the shape of our nonfiscal economy. ++ In the US retail sales and industrial production are falling quickly, and it seems like we are in for a much longer period of economic slowdown than we realize. ++ Now is not the right time to worry about the deficit: the only solution to this problem is more government spending. ++ McCain proposes exactly the opposite – such a knee-jerk opposition to spending must be avoided at all cost.
