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In Response to Re: Europe Facing More Pressure to Reconsider Cuts as a Cure:
" I'm with you. I've posted a number of times that we boomers were taught Keynesian economics primarily with theories developed 50+ years ago --- long before globalization, technology, World Bank, and a world where countries stood mostly on their own and 2/3rds of the world wasn't even 'emerging' --- it was "Third World". 50 years ago no one cared what China, India, or Russia was doing economically." Posted by retiredtraveler
ries are not the same as a family's budget. Not unless we use an analogy such as the family cutting back on their food budget to save money and that resulting in the breadwinner(s) being too weak to work any longer.
Posted by saworld
Agreed. This one is just crazy. The "family" is always projected as huddled around the kitchen table discussing how they're going to deal with a pinched income, because we all know families get on the stick right away and won't tolerate carrying big debts. But the average familiy huddled around the kitchen table probably has a car loan, a mortage, credit card debt, student loans .......what have I missed?
Another thing is the refusal to see that Keynesian economics is an economic principle that's true no matter what era it's being applied to. It can't just be written off as a one time cure from 80 years ago.