Beware of ideologues who claim that Europe’s woes reflect the failure of welfare states and the...

|By:, SA News Editor
Beware of ideologues who claim that Europe’s woes reflect the failure of welfare states and the need for fiscal austerity in the U.S., Paul Krugman argues. It isn’t sovereign debt but whether a government borrows in its own currency that most drives borrowing costs, and austerity is a failure everywhere it's tried, he says. "If we listen to those ideologues, all we’ll end up doing is making our own problems... even worse."