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Thursday, December 12, 2013

'Hoovernomics Explains the Economy'

Michael Froomkin:

Hoovernomics Explains the Economy,  by Michael Froomkin: This one chart tells you much of what you need to know about the fiscal side of the US economy: we’re dealing with a recession/depression Herbert Hoover style — by cutting government spending just when we would have needed a strong counter-cyclical push from government.

121213krugman1-blog480

What’s good about this chart, lifted from Krugman, is that it aggregates federal, state, and local spending...
Something to consider as you look at the ugly budget deal coming out of Congress — the one that doesn’t extend unemployment benefits and, as far as I can tell, doesn’t fix the recent vicious cuts to food stamps either. (Please correct me if I’m wrong about that.)

    Posted by on Thursday, December 12, 2013 at 09:14 AM in Economics, Fiscal Policy | Permalink  Comments (73)

          


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