Krugman: Big Government Saved Us
So it seems that we aren’t going to have a second Great Depression after all. What saved us? The answer, basically, is Big Government.
So what saved us from a full replay of the Great Depression? The answer, almost surely, lies in the very different role played by government.
All in all, then, the government has played a crucial stabilizing role in this economic crisis. Ronald Reagan was wrong: sometimes the private sector is the problem, and government is the solution.
And Big Government, run by people who understand its virtues, is the reason why.
– Paul Krugman, “Averting The Worst”, The New York Times, August 10
A masterpiece from the great statist rhetoritician……