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Paul Krugman

Krugman: California represents the worst of current U.S. economic crisis

Shawn Gaynor, SF Public Press — Jul 13 2012 - 12:37pm

The budget pain facing California this year is not California’s fault, said Paul Krugman, the Nobel Prize-winning economist who has been among the most outspoken writers critiquing the government’s response to what he calls an economic “depression.” “Gov. Brown faces political constraints that, if anything, are even worse than those faced by President Obama, because of the craziness of California’s constitutional setup,” Krugman said at a recent appearance at the Commonwealth Club of California. He said Proposition 13, the state’s requirement of a legislative supermajority to pass tax increases, was the main culprit.

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