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Penny-pinchers head for abyss
Wednesday, November 10th, 2010
Nov 10 2010
Since the Great Recession ended in the middle of last year, deleveraging (paying down debts) has been the main priority of most Americans, Canadians and Europeans. But when everyone in the private sector simultaneously saves to repay debt, this weakens the economic recovery… The new frugality in the private sector also explains why government spending has been the only positive game in town since the financial crisis spread from the United States to other countries in 2008… However, this is exactly the wrong time to become preoccupied with high government deficits.
Tags: economy, ideology
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