Posted by: brian | January 26, 2009

Fifty Herberts agree…

Paul Krugman wrote about a month ago about how US governors are emulating Herbert Hoover, taking great pains to balance their states budgets in the face of a doozy of a recession. I strongly suggest you read the article, but here’s a rough synopsis:

Typically, efforts to balance the budget are a good thing – living within our means, and all that. But now, as Krugman points out, we would be cutting public services when they’re needed most. How to deal with this conundrum? Unfortunately, the solution is not less spending – which is not to say that the government ought to be spending more, necessarily, but rather that we need to spend what is required to provide the necessary services and jobs to keep our economic engine running. Non-essential spending should be cut, but health care, education and infrastructure improvement are important investments that will pay off as we work our way out of the recession.

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