Krugman: It's Feeling Just Like the 1930s All Over Again

The political and economic climates are taking on a decidedly 1930s feel, says Nobel Prize winning economist Paul Krugman.

“Suddenly, creating jobs is out, inflicting pain is in,” Krugman writes in The New York Times.

“Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s.”

Krugman and some other economists say this raises the specter of the 1930s — 1937 to be precise, when President Franklin Roosevelt’s attempts to balance the budget drove the economy back into recession. (more)