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Did Ben Bernanke Just Say He Agrees with DeLong and Summers (2012)?


If, as we argued, under current circumstances, fiscal expansion is self-financing, then austerity makes the debt burden worse. It looks like that is what Bernanke said yesterday…

John Cassidy:

Ben Bernanke Lectures Congress on Austerity Economics: “Given the still-moderate underlying pace of economic growth, this additional near-term burden on the recovery is significant,” Bernanke told his students, who included a number of right-wing Republican diehards, such as Senator Bob Corker, of Tennessee, and Patrick Toomey, of Pennsylvania. “Moreover, besides having adverse effects on jobs and incomes, a slower recovery would lead to less actual deficit reduction in the short run.”