Why Yes, I Do Believe Jeffrey Sachs Has Lost His Mind. Why Do You Ask?: Live from The Roasterie
For could anything possibly lead somebody who has not lost his mind to call a real GDP growth rate of 2.2%/year "brisk"?
...(as he calls advocates of fiscal austerity) are deluded.... Deficit cuts would court a reprise of 1937.... Well, Congress and the White House did indeed play the austerian card.... Yet... real economic growth in 2011 stood at 1.6%, and the IMF expects it to be 2.2% for 2014 as a whole.... So much for Krugman’s predictions. Not one of his New York Times commentaries in the first half of 2013, when 'austerian' deficit cutting was taking effect, forecast... that economic growth would recover to brisk rates...
