Saturday, February 6, 2010

Fear the deficit?

Paul Krugman compares the hysteria about the US budget deficit to the "group think" that convinced so many people that Iraq possessed WMD.  He believes a story told to help Republican candidates will turn destructive:
For the fact is that thanks to deficit hysteria, Washington now has its priorities all wrong: all the talk is about how to shave a few billion dollars off government spending, while there’s hardly any willingness to tackle mass unemployment. Policy is headed in the wrong direction — and millions of Americans will pay the price.

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