It's Not That Bad

Krugman talks about the great conservative/GOP bugaboo today. We constantly here from the right about the disaster of social democracy and how the EU is a prime example of what happens when you have higher taxes, universal healthcare and a wider social safety net.

Paul Krugman:

Strange to say, however, what everyone knows isn’t true. Europe has its economic troubles; who doesn’t? But the story you hear all the time — of a stagnant economy in which high taxes and generous social benefits have undermined incentives, stalling growth and innovation — bears little resemblance to the surprisingly positive facts. The real lesson from Europe is actually the opposite of what conservatives claim: Europe is an economic success, and that success shows that social democracy works.

Update: Steven Benen has more