Paul Krugman doesn’t just think austerity is bad economic policy; the Nobel Prize-winning economist says it’s just plain wrong.
“We’ve basically had an unethical experimentation on human beings going on across the world right now,” Krugman told HuffPost Live on Friday. “All these countries are pursuing austerity policies, and in doing so, they are giving us evidence on what actually happens when you do those policies.”
Several European countries — including Great Britain, Greece, Spain and Italy — have slashed their budgets in recent years. Those countries have seen high unemployment rates and stagnant economies.
“It’s been a disaster,” Krugman said of austerity in Great Britain. “They have gone back into recession.”
Asked by the Huffington Post journalist on the austerity measures implemented to Greece, Krugman, replied:
“Greece is extremely limited, basically because Greece needs to do what is has to satisfy the Germans, who have the money right now.
The Germans are actually insane, because they impose extreme austerity, which does not even help to improve the position of Greece on debt.”
PS OMG! I knew it I was a laboratory rat being there just to please the Germans.
Greeks in the lab of an insane German
