Austerity cultist Kenneth Rogoff continues to bore us with his broken record — Bill Mitchell

His latest intervention (November 28, 2024) –
Europe’s Economy Is Stalling Out – was published by Project Syndicate, which regularly gives space to these nonsensical mainstream articles.

The simple proposition that Rogoff offers is:

"As Germany and France head into another year of near-zero growth, it is clear that Keynesian stimulus alone cannot pull them out of their current malaise. To regain the dynamism and flexibility needed to weather US President-elect Donald Trump’s tariffs, Europe’s largest economies must pursue far-reaching structural reforms."

And those structural reforms have to tackle the:

"… bloated and sclerotic welfare states to blame?"

Apparently, those that hold to the most basic macroeconomic rule that spending equals output and income and drives employment growth are “detached from reality”....

William Mitchell — Modern Monetary Theory

Austerity cultist Kenneth Rogoff continues to bore us with his broken record
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia