Understanding Krugman

[artesman]

Paul Krugman wrote this back in February 2009 while opining about the stimulus

http://www.nytimes.com/2009/02/13/opinion/13krugman.html?_r=1

We’re probably facing the worst slump since the Great Depression. The Congressional Budget Office, not usually given to hyperbole, predicts that over the next three years there will be a $2.9 trillion gap between what the economy could produce and what it will actually produce. And $800 billion, while it sounds like a lot of money, isn’t nearly enough to bridge that chasm.

This is the crux of the matter. This is why we are in the deep hole we are in right now.

[geckosfeet]

1. Too bad the teabagger conrgess skipped arithmetic in gradeschool.