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Abbreviated Pundit Roundup: The Republican push for austerity

Visual source: Newseum Paul Krugman in The New York Times: For the past two years most policy makers in Europe and many politicians and pundits in America have been in thrall to a destructive economic doctrine. According to this doctrine, governments should respond to a severely depressed economy not the way the textbooks say they should — by spending more to offset falling private demand — but with fiscal austerity, slashing spending in an effort to balance their budgets.
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