"The argument that governments should engage in austerity appears to be collapsing"
by digby
From the "who could have ever predicted" files:
[W]hat's interesting about this particular moment is that while Mr Grabell is writing about what did and didn't work in the stimulus, and Mr Obama is staying away from the topic for political reasons, out there on the barricades what's happening is that the entire argument that governments should engage in austerity appears to be collapsing.
What's that they say about those who don't understand history are doomed to condemn those who do? (Or something like that ;)
The article is well worth reading in its entirety if you want to end up pulling out your hair and screaming, "well, duh!" Otherwise, just read Krugman and ask yourself how he must feel.
Update: And then there's this, from the Laurie Mylroie of economics.
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