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Paul Krugman - Why We Shouldn't Allow the Economy to Restructure

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Uploaded on Apr 1, 2011

Have you read the reviews on Krugman's new book yet? http://www.amazon.com/gp/product/B004...


A third of the stimulus money was tax cuts. This was a terrible idea because most of that money was saved. There wasn't enough stimulus money at all. There should have been a full force push for infrastructure spending. Unfortunately, there is no political will.

US interest rates have been dropping. Every uptick in interest rates, everyone cries that something isn't working. We need to spend more money, because the money that is spent today will have no impact on the fiscal budget. It's fine to believe that something bad may happen, but there is no evidence that that will ever happen. It's all about confidence.

Why should lots of perfectly good productive workers be left unemployed while the economy makes an adjustment? Why should schoolteachers be out of work? They had nothing to do with the bubble, so why should they be held accountable?

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