Decisions, decisions. Which economist do you trust - Stephen Harper or Paul Krugman? Hint- you have to pick one because they have two completely irreconcilable takes on the global economic crisis.
Hmmm - let me see. Krugman is an economics professor at Princeton, a PhD and all that. He holds the Nobel Prize in economics. He warned all and anyone who would listen that the world was heading for a massive economic recession at least a couple of years in advance (see his book The Great Unravelling). He knew just why his country's economy would crater. And now he's warning anyone who'll listen that prematurely curbing stimulus spending will send the global economy spinning straight back into the toilet.
On the other hand... Steve Harper got a master's degree in economics from the University of Calgary. Steve went straight from that into becoming a political wonk - never worked a day in his life as an actual economist. It seems Steve didn't get a Nobel Prize or, for that matter, any other prize in economics. Once he got into power, Steve wasted no time beginning to implement the very economic madness Krugman was warning about at the time. Steve also wasted no time in defunding the national treasury. Steve didn't see the recession coming. He even said no one did (apparently Steve doesn't read the New York Times). Thanks only to his inability to dismember the fiscal prudence of his Liberal predecessors, Steve's government weathered the global meltdown relatively unscathed. And, unlike doctor Krugman, Steve is waving a ridiculously smug finger at G20 leaders to scrap stimulus spending and cut their deficits in half by 2013.
Krugman says don't cut now. Wait until your economies are recovered enough to bear the consequences of cuts. Steve says go ahead boys, start cutting and cut deep, just go for it.
Oh, I don't know. Which one do you think is right?