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by
Tim Fernholz
Via Paul Krugman, here’s this IMF graph that breaks down the increase in advanced countries’ debt:
Krugman notes that the costs of the recession — and not the cost of fiscal stimulus programs designed to combat the recession — drive the debt picture for developed countries. It also shows how little of the debt increase comes from government spending as we generally conceive it.
— Tim Fernholz
Tim Fernholz is a former staff writer for the Prospect. His work has been published by Newsweek, The New Republic, The Nation, The Guardian, and The Daily Beast. He is also a Research Fellow at the New America Foundation. More by Tim Fernholz
