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Is Anybody Surprised that Krugman Was Wrong about U.K. Fiscal Policy?

johnm h Wrote: Jan 24, 2013 8:12 AM
Hardly surprising as he thinks it would help the economy if Mars invaded and the world had to go to a war time economy. Krugman is deranged or dishonest, or perhaps both. The results, however much the increase in spending and increase in tax rates, went in the opposite direction which once again empirically demonstrates the fallacy of Keynesian economics. It doesn't work because it's a bogus theory which has been demonstrated every time it's tried.

Just like in the United States, politicians in the United Kingdom use the deceptive practice of “baseline budgeting” as part of fiscal policy.

This means the politicians can increase spending, but simultaneously claim they are cutting spending because the budget could have expanded at an even faster pace.

Sort of like saying your diet is successful because you’re only gaining two pounds a week rather...