"Austerity" is here re-defined to mean "living within your means". I guess "normal living" must be defined to be continually running massive deficits and ignoring anyone who says it is "unsustainable". ... oh, and while not covered in this particular column, it also tends to involve cutting energy production, massive taxes on the productive, huge government regulation, and bully pulpit abuse of anyone making a profit.
"Unsustainable" is used to point to anyone that thinks drilling, mining, making things at a profit, etc are good ideas. THOSE are "unsustainable" ... where massive government financial incontinence is not only "sustainable", it is good policy!!
The solution proffered? "growth". Since the election of a Socialist was cheered, I can only guess what "growth" means to this columnist.
I especially love this one:
In Britain, the economy was growing when Prime Minister David Cameron took office two years ago. Adhering to the platform of his Conservative Party, Cameron took the austerity route with a host of gloom-and-doom budget cuts. Now unemployment is rising and the economy appears to be slipping back into recession. Nice job, Tories.I suppose 115K jobs and 2.2% positive in the US is "growth"? Oh, wait ... I'm sure any problem we have is due to the sad fact that Republicans have "held the lid" on spending to ONLY the tune of $1.5 T budget deficits -- as Krugman says, they ought to be MUCH higher! Oh, and anyone that still has a job or is making a profit ought to be taxed until after they learn to shut up after screaming loudly in pain.
The elections in Europe show that just going over the cliff is not enough -- people need to hit the bottom with lots of blood and explosions before they wake up.