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We can't help the unemployed, they argue, because that would drive up interest rates and send inflation soaring. It's all bunk, writes Krugman. "Against these hypothetical risks one must set the reality of an economy that remains deeply depressed, at great cost both to today’s workers and to our nation’s future. After all, how can we expect to prosper two decades from now when millions of young graduates are, in effect, being denied the chance to get started on their careers?" These "creditor-friendly policies are crippling the economy," and we've got to wake up before it's too late.
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