From The New York Times -- June 1, 2012:
'The Boom, Not The Slump, Is The Right Time For Austerity'
By Paul Krugman
“The boom, not the slump, is the right time for austerity.” So declared John Maynard Keynes 75 years ago, and he was right. Even if you have a long-run deficit problem — and who doesn’t? — slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression.