Paul Krugman, October 31, 2010…
They denounce debt relief, calling it a reward for the undeserving. More and more voters, both here and in Europe, are convinced that what we need is not more stimulus but more punishment. Governments must tighten their belts; debtors must pay what they owe.
The irony is that in their determination to punish the undeserving, voters are punishing themselves: by rejecting fiscal stimulus and debt relief, they’re perpetuating high unemployment. They are, in effect, cutting off their own jobs to spite their neighbors.
This is selfishness intensified into morbidity, like gangrene of the soul.
3 comments
Congress at some point between April and June will be required to raise the debt ceiling, else the USG goes into default.
How do you suppose the GOP – and especially Rand Paul reconcile that?