“Block Those Metaphors” by Paul Krugman (TIMES, 12/13/10)


          Kudos to Paul Krugman for explaining the inadequacy of the “Obama-McConnell tax-cut deal,” which will actually be “a year of modestly better (economic) performance” for “$850 billion in additional debt.”

          By stating the situation clearly Krugman has made it obvious that the United States is experiencing a depression; i.e., we are in an economic downturn that is worse than a recession and that fact has to be admitted.

          All the efforts to qualify the “recession” as the Great Recession or “worst economic downturn since World War II,” only obfuscates the true situation and , as Krugman himself has suggested, is preventing those in charge of economic policy to remedy it.

          In other words, we are not looking at a sprained ankle; it is a broken leg. That means it will take a more effective treatment to fix it.

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