Economist Mark Thoma provides a link to an interesting posting by Simon Wren-Lewis once again refuting arguments by the Austerians. The key passage:
"....let’s just go through the economics one more time. Macroeconomic theory is as clear
as it can be that austerity in the current situation will reduce
output and raise unemployment. ... The evidence is also about as clear as it ever is in macro."
Wren-Lewis offers another thought as well. Worth reading.
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