Monday, February 18, 2013

IMF Chief: We Were Wrong About Austerity

A remarkable article in The Washington Post cites IMF chief economist Olivier Blanchard's admission "that the fund blew its forecasts for Greece and other European economies because it did not fully understand how government austerity efforts would undermine economic growth." This is exactly the point that Keynesian economist Paul Krugman has been repeatedly making, in contrast to the Republicans' efforts to apply the same policies that have failed abroad. On the Majority Report, Sam Seder discussed the article and its findings. Watch:

(h/t: Best of the Left podcast)

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