Ireland, Krugman, Depression

Shabby Celtic tigers

I don’t know how I missed this before, but the blog The Irish Economy has just joined my must-read list. It’s not all about Ireland, and anyway Ireland basically is just like us, only more so. Among other things, the blog has hosted a high-quality debate about the pros and cons of nationalization.
Let me also say that Ireland’s recent policy moves — raising taxes and cutting spending in the face of a severe recession, so as to reassure nervous lenders — are an extremely disturbing omen. Iceland was one thing; but now another advanced economy, with a 7-digit population, has hit the limits of anti-recession policy.

Following up, find me a large US state that's not either raising taxes (and/or fees, haha)or cutting spending or both. Depression sets in after ignorant and ambitious politicos get desperate...