[squozzer]

What seems at issue -- besides whether an economist's work should be accepted at face value -- is under what conditions a country should borrow or impose austerity.

Here's an analogy --

When times are good, governments frequently raise taxes, because hey, we can afford it.

When times turn bad, governments frequently raise taxes, because hey, our tax base has eroded and we need it.

It's a "heads I win, tails you lose" game.

[fyi80]

That's not what happens. The problem is:

When times are good, governments frequently LOWER taxes, because hey, we can raise the same revenue

When times turn bad, governments frequently LOWER taxes, because hey, people can't afford it.

borrow in bad times, pay back in good times, is well established. Governments are good at borrowing in bad times, but bad at paying back in good times. Look at late-90s US, when we briefly had a balanced budget, and instead of preparing for the bust, we rushed headlong into it.