{"id":1355,"date":"2012-02-20T15:37:24","date_gmt":"2012-02-20T20:37:24","guid":{"rendered":"http:\/\/therationalprogressive.com\/cms\/?p=1355"},"modified":"2012-02-20T15:39:00","modified_gmt":"2012-02-20T20:39:00","slug":"its-time-to-put-delusional-beliefs-about-the-virtues-of-austerity-in-a-depressed-economy-behind-us","status":"publish","type":"post","link":"http:\/\/therationalprogressive.com\/cms\/2012\/02\/its-time-to-put-delusional-beliefs-about-the-virtues-of-austerity-in-a-depressed-economy-behind-us\/","title":{"rendered":"&#8220;It\u2019s time to put delusional beliefs about the virtues of austerity in a depressed economy behind us&#8221;"},"content":{"rendered":"<p>Specifically, in early 2010 austerity economics \u2014 the insistence that governments should slash spending even in the face of high unemployment \u2014 became all the rage in European capitals. The doctrine asserted that the direct negative effects of spending cuts on employment would be offset by changes in \u201cconfidence,\u201d that savage spending cuts would lead to a surge in consumer and business spending, while nations failing to make such cuts would see capital flight and soaring interest rates. If this sounds to you like something Herbert Hoover might have said, you\u2019re right: It does and he did.<\/p>\n<p>Now the results are in \u2014 and they\u2019re exactly what three generations\u2019 worth of economic analysis and all the lessons of history should have told you would happen.<\/p>\n<p>READ MORE:<\/p>\n<p>via <a href=\"http:\/\/www.nytimes.com\/2012\/02\/20\/opinion\/krugman-pain-without-gain.html?_r=2&amp;hp\">Pain Without Gain &#8211; NYTimes.com<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<hr\/>\n","protected":false},"excerpt":{"rendered":"<p>Specifically, in early 2010 austerity economics \u2014 the insistence that governments should slash spending even in the face of high unemployment \u2014 became all the rage in European capitals. The doctrine asserted that the direct negative effects of spending cuts on employment would be offset by changes in \u201cconfidence,\u201d that savage spending cuts would lead&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16,22,18],"tags":[893,24,846,894,37,229],"_links":{"self":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/1355"}],"collection":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/comments?post=1355"}],"version-history":[{"count":2,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/1355\/revisions"}],"predecessor-version":[{"id":1357,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/1355\/revisions\/1357"}],"wp:attachment":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/media?parent=1355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/categories?post=1355"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/tags?post=1355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}