Krugman believes that without government opening the spigots of borrowed cash to solve our current economic problem, we're doomed to sink further. The Europeans, he assures us, have it all wrong. Gonna tank over across the Atlantic.
Despite his advice, the Europeans are showing signs of discipline in government spending. They are taking deficits seriously. Nevertheless, or in consequence depending on what you believe, the euro zone is showing signs of life, while the American economy, having "benefited" from trillions of deficit spending, remains in the doldrums.
How inconvenient!
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