06/01/2012 09:38 am ET

Paul Krugman: 'The Boom, Not The Slump, Is The Right Time For Austerity'

“The boom, not the slump, is the right time for austerity.” So declared John Maynard Keynes 75 years ago, and he was right. Even if you have a long-run deficit problem — and who doesn’t? — slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression.

Read more on New York Times