Quickly, because I don’t want to forget this: driving today, listening to CNBC on satellite radio, someone actually questioned the wisdom of austerity.
Someone inside the tribe.
It was glossed over, of course, but I know what I heard: a financial someone or the other, as the conversation drifted into the usual ‘austerity good/government spending bad,’ said something like “Well, I’m generally in favor of reduced spending and lower taxes. But I’d like to ask how austerity’s working out for Greece, Italy, Ireland.” And he went on to say something like “If nothing else, (the period we’re in) disproves the myth of contractionary expansion.”
In other words, years late, some people on the inside are finally starting to get it, that cutting government spending now is the road to ruin. It’s too little, too late, but oddly comforting that reality can still make fools out of a lot of Very Important People, and occasionally teach one of them something useful.