Paul Krugman Takes Tom Carper to the Woodshed

It is rare, in the history of economic thought, for debates to get resolved this decisively. The austerian ideology that dominated elite discourse five years ago has collapsed, to the point where hardly anyone still believes it.

Hardly anyone, that is, except the Tom Carper and John Carney.

When Tom Carper and John Carney say that there is a “budget crisis” and that “austerity” is needed to grow the economy, they are lying.    Yes.  It is that simple.