Tuesday, December 30, 2008

little hoovers?

to continue on the theme of a couple of post ago: non-federal budget cuts (ie state, county, city...) are hitting the most vulnerable when they are even more vulnerable. as mr. krugman states so eloquently

"No modern American president would repeat the fiscal mistake of 1932, in which the federal government tried to balance its budget in the face of a severe recession."

and yet this what the states are expected to do!

the full editorial


ziptie said...

To be fair, he points out that most states are bound by their balanced-budget laws, while the feds have the freedom to accumulate debt.

hotpants said...

oh absolutely. the governors and their employees are not to be blamed entirely for this. the system needs to be changed, priorities changed, etc

ps hola from ecuador.