The Irish Economic Problem
Responding to this New York Times piece on Ireland’s ecoomic woes Matt Yglesias, Ezra Klein, Kevin Drum and Steve Benen echo Paul Krugman and say: See, this just shows how stupid austerity measures are. And it’s true, Ireland really is in a terrible hole and won’t be getting out of it any time soon. As the article puts it: Nearly two years ago, an economic collapse forced Ireland to cut public spending and raise taxes, the type of austerity measures that financial markets are now pressing on most advanced industrial nations. “When our public finance situation blew wide open, the dominant consideration was ensuring that there was international investor confidence