Chronic weakness in Europe and what it means.
Dear Paul Krugman,
I like this piece, and understand it as far as it goes. Can you explain why the politicians in Europe are so against government spending, and Keynesian stimulus, in the face of their huge unemployment numbers. I understand it in this country, the right wing of the GOP has drunk the koolaid recipe of Anne Rand and Ronald Regan, neither of whom were economists. But why the reluctance and hostility in Europe. Is it the deep fear of runaway inflation from pre World War II Germany? Perhaps it is because their taxes are already so high, that in fact, the voting public is terrified that taxes might go higher? What are the roots of Europe’s love of austerity in the face of egregious unemployment?