Paul Krugman: Pain Without Gain
Last week the European Commission confirmed what everyone suspected: the
economies it surveys are shrinking, not growing. It’s not an official
recession yet, but the only real question is how deep the downturn will
be.
And this downturn is hitting nations that have never recovered from the
last recession. For all America’s troubles, its gross domestic product
has finally surpassed its pre-crisis peak; Europe’s has not. And some
nations are suffering Great Depression-level pain: Greece and Ireland
have had double-digit declines in output, Spain has 23 percent
unemployment, Britain’s slump has now gone on longer than its slump in
the 1930s.
Worse yet, European leaders — and quite a few influential players here —
are still wedded to the economic doctrine responsible for this
disaster.
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