By William K. Black
Quito: May 8, 2015
Paul Krugman has a good column today entitled “Triumph of the Unthinking” about the Tory electoral triumph in the UK. Krugman makes three central points. First, the Tories and the UK media have created a myth about austerity that is utterly false – and poison to Labour while falsely flattering to the Conservatives. Second, rather than fight the myth by explaining why austerity in response to the Great Recession was an insane policy that gratuitously forced the UK back into a severe recession, Labour has embraced austerity. Krugman opines that Labour felt that public support for austerity was so strong that the party’s leadership felt it was impossible to do the right thing.