When Japanese business leaders questioned their government’s policy of reckless racking up of debt, Nobel Prize laureate Paul Krugman immediately rose to the occasion. He wrote an article in the New York Times humbly titled “The economic wisdom—or lack thereof—of business leaders”. It is a shocking read.
Mr. Krugman essentially argues that government can spend and spend and spend. It can continue to pile up debt without ever worrying to pay it off because we owe it to ourselves. He even surreptitiously hints that anyone who fails to understand this simple notion surely is not of his intellectual level.
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