Paul Krugman Puts the Blame on Reagan

By on June 3, 2009

Paul Krugman, in an op-ed piece for the New York Times writes:

“It was only after the Reagan deregulation that thrift gradually disappeared from the American way of life, culminating in the near-zero savings rate that prevailed on the eve of the great crisis. Household debt was only 60 percent of income when Reagan took office, about the same as it was during the Kennedy administration. By 2007 it was up to 119 percent.”

Source:

http://www.nytimes.com/2009/06/01/opinion/01krugman.html?_r=2
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