Quotations about   austerity

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Why is austerity in a depressed economy a bad idea? Because an economy is not like a household, whose income and spending are separate things. In the economy as a whole, my spending is your income and your spending is my income. What happens if everyone tries to cut spending at the same time, as was the case in the aftermath of the financial crisis? Everyone’s income falls.

Paul Krugman (b. 1953) American economist, author
“The Legacy of Destructive Austerity,” New York Times (20 Dec 2019)
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Added on 19-Jul-21 | Last updated 19-Jul-21
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To suppose, as we all suppose, that we could be rich and not behave as the rich behave, is like supposing that we could drink all day and keep absolutely sober

Logan Pearsall Smith (1865-1946) American-English essayist, editor, anthologist
Afterthoughts, “In the World” (1931)
Added on 26-Nov-08 | Last updated 22-Dec-20
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