Notable Linkage: How the Case for Austerity Has Crumbled by Paul Krugman | The New York Review of Books

Excerpt:

It’s also worth noting that while economic policy since the financial crisis looks like a dismal failure by most measures, it hasn’t been so bad for the wealthy. Profits have recovered strongly even as unprecedented long-term unemployment persists; stock indices on both sides of the Atlantic have rebounded to pre-crisis highs even as median income languishes. It might be too much to say that those in the top 1 percent actually benefit from a continuing depression, but they certainly aren’t feeling much pain, and that probably has something to do with policymakers’ willingness to stay the austerity course.

How the Case for Austerity Has Crumbled by Paul Krugman | The New York Review of Books

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