Trinidad Express / There is an emerging conversation that to get out of our present recession via increased taxes and reduction in subsidies, i.e. via austerity measures, is the wrong approach. Further the negativity attached to government deficits, its borrowings, is also wrong, since deficits in this situation is a good thing. The reasoning can be found in Paul Krugman’s “The Austerity Delusion”. When the economic crisis struck the advanced countries in 2008, almost every government—even Germany—introduced some kind of stimulus programme—increasing spending and/or cutting taxes.

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