Sorry, a bit late on this one, but I see old Kruggers, Nobel prize winner and New York Times columnist, is at it again. Not content to lecture his own country’s administration about how they are not spending enough, Professor Krugman lambasts Britain’s coalition government in his latest column for its deficit reduction plan, which he reckons will condemn the UK to a depression.Keynesian economics hasn't been working so well largely because governments spend like drunken sailors regardless of whether there's a surplus or not. As a result, the part of Keynesian policy where you're suppose to pay the debt down never actually materializes, thus, it has become our road to perdition.
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