In 2011, America should resolve to ignore politicians calling for austerity.

Commentaries on economics and technology.
Jan. 3 2011 2:31 PM

New Year's Recovery Resolutions

In 2011, America should resolve to ignore politicians calling for austerity.

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So this is my hope for the new year: We stop paying attention to the so-called financial wizards who got us into this mess—and who are now calling for austerity and delayed restructuring—and start using a little common sense. If there is pain to be borne, the brunt of it should be felt by those responsible for the crisis, and those who benefited most from the bubble that preceded it.

This article comes from Project Syndicate.

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Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University.  The paperback version of his latest book, Freefall: Free Markets and the Sinking of the Global Economy,with a new afterword, was published in October.

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