Goes to the several Republican governors who apparently argued with the president-elect in a private session today -- warning him to not run up the deficit. This according to Governor Rendell on Hardball tonight.
Let me make this perfectly clear. Those governors, whoever they were, are f-cking doofs. Reaganomics and free marketeers have all but crushed the American economy and history has proved that the only way to keep us out of a massive depression is to spend, spend, spend. That's the unfortunate reality and history corroborates it. America in 1937. Japan in 1996-97.
Krugman, in yesterday's column, draws a distinction, however, between random spending and smart spending:
One more thing: Fiscal expansion will be even better for America’s future if a large part of the expansion takes the form of public investment — of building roads, repairing bridges and developing new technologies, all of which make the nation richer in the long run.
And that's precisely what's going to happen, irrespective of the dumb stupids.