Estonia and Austerity: Another Exploding Cigar for Paul Krugman « International Liberty

But Estonia reacted to the overspending and the downturn in a very responsible fashion. Instead of using the weak economy as an excuse to further expand the burden of government spending in hopes that Keynesian economics would magically work (after failing for Hoover and Roosevelt in the 1930s, Japan in the 1990s, Bush in 2008, and Obama in 2009), the Estonians realized that they needed to cut spending.

via Estonia and Austerity: Another Exploding Cigar for Paul Krugman « International Liberty.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.