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Paul Krugman on British Debt and the Need for Austerity

British Debt History  NYTimes com

Paul Krugman:

British Debt History: [Y]ou really have to marvel, given that historical record, at the deficit panic now so widespread…. That uptick at the end — you’ll see it if you squint — is what’s driving the Cameron government’s insistence on slashing spending in a liquidity trap.

It’s also interesting to note — contrary to what you often hear — that at the time Keynes was writing, and calling for fiscal stimulus, Britain was substantially deeper in debt than Britain or the United States are now.