Paul Krugman gets his ass handed to him by the Latvian PM...
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03/15/2013 06:03 PM
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I see this thread didn't go too far.
I like Paul as an individual, but he is a bit pissy towards those who don't agree with him.
Just the same, what Krugman contents is that by taking away the social safety net and cutting the handouts, those who suffer the most are those who can least afford it. Fair enough. If the economy were to grow again, the increase in revenues would reduce the debt without having the pain of social cutbacks. Fair enough again. However, government spending to keep a sinking ship afloat only increases the size of government without any measurable gain in true economic worth, and getting government out of the way in deference to the private sector is the way to go. As the Latvian example shows, it's better to endure the pain rather than suffer the addiction to the pain medication...