Krugman's Euro RX Proves Liberal Time Warp

All over Europe governments have begun to implement austerity measures in an effort to rein in spending and reduce crippling budget deficits. It is hard to find a major European leader these days still advocating the kind of large-scale stimulus spending championed by the Obama Administration in the United States over the past three years. Ironically, the most vocal supporters of greater government spending in the EU can be found today in America.