Krugman and British Austerity

"In a recent New York Times op-ed piece called "The Austerity Debacle," columnist Paul Krugman notes how policies in Britain have failed to bring about an economic recovery. In doing so, he contends that the British government's decision to "slash spending" has led to a slower economic recovery as measured by real GDP growth than during the Great Depression. However, as will be shown, the present British government has implemented insignificant spending reductions and continues to run large budget deficits while the British government of the Great Depression followed "austerity" measures much more closely than the present government."