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Liveblogging World War II: May 31, 1943

Noted for May 31, 2013

The Wirecutter | The Sweethome | Carola Binder: This Time is Not So Different: The Euro Crisis and the 1840s | Andrajit Dube: A Note on Debt, Growth, and Causality | Dan Keenan: A real Potemkin Village: recession out of the picture as Fermanagh puts on a brave face for G8 leaders | Olivier Blanchard, Giovanni Dell'Ariccia, and Paolo Mauro: Rethinking macroeconomic policy: Getting granular | Alan Auerbach:* Tax Corporate Earnings Where Products Are Sold | Owen Zidar: The Risks of Debt by Brad Delong |

  • Marty Feldstein: America’s Misplaced Deficit Complacency: "The new complacency about future deficits makes it difficult, if not impossible, to enact the legislation needed to begin the process of trimming America’s long-term fiscal deficit. It is important for policymakers and the public alike to understand the real fiscal outlook and the damage that high deficits will cause if prompt action is not taken. Merely moving the problem to the back burner will not prevent it from boiling over."

  • Adam Posen: Austerity Has Made Europe's Real Problem Worse: "Austerity – meaning excessively fast and large public spending cuts and tax increases – has been worsening Europe's real problem, which is loans that went bad. Austerity has also backfired by making public deficits worse. This economic policy approach was never demanded by markets, it was just a mistake. The euro area governments are right to ease off on the pace of fiscal consolidation."