Amid the stunning rejection of austerity in the Greek elections, Sarkozy’s loss in the French elections, and even Merkel’s losses in regional elections, it seems that Paul Krugman has been vindicated.
Krugman, you will recall, soundly rejected the austerity embarked upon by the highly indebted Eurozone countries, predicting failure. Instead, he says, they should have tried to reflate their economies with stimulus programs while reforming their finances.
Europe now lies in shambles, with governments in the north (France and a region in Germany) and south (Greece) repudiating the economics of deeper and deeper austerity. Such austerity programs have appeared to push Greece in particular into a deepening cycle of recession and greater debt.
What do you think? Has Paul Krugman been vindicated?
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