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August 21, 2010


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Again thanks for posting this - I have been on vacation and not been keeping up on events. What is striking about this oped, and the comments of Stiglitz, Baker, Simon Johnson, etc... is that they are consistently pointing out the absurdity of the austerity argument. These are all mainstream economists (at least two of them have nobel prizes) who have consistently anticipated the housing bubble and the subsequent economic collapse. They are all certianly within the mainstream of the neo-Keynesian position but they are treated as extremists or even, god forbid, leftists. And until recently it hasn't made much sense to me. But now I think I understand - the elite in this country, and the "angry" upper middle class that are their allies, want to do away with the last vestiges of the social safety net and finish the Regan revolution. No other explanation makes sense.

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