By Dan Kervick
For most Americans, the news that the US economy contracted by 0.1% in the fourth quarter of 2012, the first quarter of negative growth since the pit of the Great Recession 2009, has undoubtedly come as a disappointing shock. For readers of this blog and the other MMT blogs, however, the emotion felt is probably closer to bitter frustration, since we have all been warning for a very long time about the danger of the utterly misguided austerity drive that has wrecked the European economy, and was officially imported last year to the United States.
