Krugman on government investment during a recession.
For future reference. In a depressed economy, with the government able to borrow at very low interest rates, we should be increasing public investment — the true cost of the resources is negligible, so the rate of return is very high, not to mention the desirability of creating jobs.
Here’s what has actually happened, as measured by the sum of state, local, and federal nondefense investment:
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