In his latest blog post he says:
I know, I know — families are having to tighten their belts, so the government should tighten its belt too; and we’ll tighten our belt all the way to a full-on depression.Apparently America is passing through a minor recession or depression and if they indulge in what is called frugality then the monster will turn into a monster. They have been saying the same thing for some time. In short they have no assuring words and they can not think beyond interest rates and they can not think beyond progress. Dear Nobel laureate progress, even if it is linear, can not be indefinitely maintained. So any one living on a finite planet must be planning, particularly the people who give advice on planning should keep this thing in mind that they should be planning, according to finite resources. This in particular entails non-growth time planning. Do your home work - it will save you many painful moments - or embarrassment of being a prominent economist and not knowing what to do.