Paul Krugman: Fight the Future

Last week the International Monetary Fund, whose normal role is that of stern disciplinarian to
spendthrift governments, gave the United States some unusual advice. “Lighten up,” urged the
fund. “Enjoy life! Seize the day!”

O.K., fund officials didn’t use quite those words, but they came close, with an article in IMF Survey
magazine titled “Ease Off Spending Cuts to Boost U.S. Recovery.” In its more formal statement, the
fund argued that the sequester and other forms of fiscal contraction will cut this year’s U.S. growth
rate by almost half, undermining what might otherwise have been a fairly vigorous recovery. And
these spending cuts are both unwise and unnecessary.