Economy

Demeter

(85,373 posts)

25. In Europe, Great Depression Was Bad; This Is Worse by: Paul Krugman

Sat Feb 18, 2012, 08:11 AM

Feb 2012

http://www.truth-out.org/europe-great-depression-was-bad-worse/1329317642

One thing everyone always says is that while this Lesser Depression may be bad, it’s nothing like the Great Depression.

But this is in part an America-centered view: we had a very bad Great Depression, and have done better than many other countries this time around. As Jonathan Portes, director of the National Institute of Economic and Social Research, points out on his blog, “Not the Treasury View,” the ongoing slump in Britain is now longer and deeper than the slump in the 1930s (a chart posted at notthetreasuryview.blogspot.com on Jan. 25 shows how far real gross domestic product was below its previous peak in various British recessions).

I believe that when I began criticizing the Cameron government’s push for austerity, some right-leaning British papers demanded that I shut up. But the original critique of austerity is holding up pretty well, if you ask me...

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