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John Robb says that’s the real social and economic story now. The postwar creation of a broad middle class in America allowed for stability because it provided a broad base for prosperity and creativity. But that’s going away, he believes. Excerpt: The social contract that enabled this success, particularly the post WW2 social contract that…

Here’s a long, informative report from Greece, painting an unsettling portrait of a country at the beginning of harsh austerity. What’s particularly interesting is the story’s look at how Greek cultural and political habits caused the country’s economic troubles — and how fixing those problems is going to require a social revolution of sorts. Interestingly,…

Megan McArdle, referencing the NYT piece on how hard fiscal austerity has been on Ireland, makes an important point: Austerity is an expensive form of insurance against a true fiscal crisis. And though it doesn’t necessarily seem like it when you’re not having one, fiscal crises are much, much worse than austerity budgets. Fiscal crisis…

What I know about economics is next to nothing; no economics Cult of the Amateur here! But I cannot wrap my mind around the argument Paul Krugman has been making, namely that we are dead wrong to cut spending in the face of intense and deep recession, and that we should instead be spending more.…
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