Krugman: Big Government Saved Us

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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……

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