The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for the most part because we actually are seeing a Depression-level slump in Greece, and very bad slumps elsewhere in the European periphery. Still, the overall downturn hasn't been a full 1930s replay. But all of that, I think, can be attributed to the financial rescue of 2008-2009 and automatic stabilizers. Deliberate policy to offset the crash in private spending has been largely absent.


"Economics in the Crisis" (March 5, 2012) - The Conscience of a Liberal blog

The New York Times https://krugman.blogs.nytimes.com/2012/03/05/econo...

Paul Krugman Quotes

The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for...

The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for...

The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for...

The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for...