Additionally, from the OP article:
'
Khanna: "[PAYGO] is terrible economics. The austerians were wrong about the Great Recession and Great Depression. At some point, politicians need to learn from mistakes and read economic history."'
No...the 'austerians' were right about the Great Recession and Great Depression.
First, the Great Depression:
US economy adds 96K jobs, rate falls to 8.1 pct. [W:123] - Page 22
('DA60" was me, BTW, before I got the boot from that forum)
Second, there is no unbiased, factual proof whatsoever that had GWB/Obama/The Fed just let the economy fix itself that things would not have recovered just fine at least as quickly as they 'did'.
And the handling of the 1920/21 Depression 100% factually proves that one does not need the government/Fed to come storming to the rescue to quickly get out of a large recession/depression.
Plus, look at GDP growth since the Great Recession? It has been tepid at best...despite the government/Fed dumping well over 12 TRILLION dollars into the economy (plus ZIRP). Plus, the national debt has exploded.
This is what often happens when you flood an economy with cheap debt...relative, economic stagnation.
No, Rep.
Ro Khanna, the 'austerians' were not wrong about either the Great Depression or the Great Recession...quite the opposite, actually.