Krugman: Myths of Austerity Paul Krugman: Somehow it has become conventional wisdom that now is the time to slash spending, despite the fact that the world's major economies remain deeply depressed. And current examples of austerity are anything but encouraging. So the next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we're bad and the confidence fairy will reward us if we're good. And real-world policy -- policy that will blight the lives of millions of working families -- is being built on that foundation.
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