Internal Devaluation in Greece

by Paul Krugman
JANUARY 26, 2015 7:49 AM

http://krugman.blogs.nytimes.com/2015/01/26/internal-devaluation-in-greece/?comments#permid=13937855

Interesting choice of words - "[Greece] has ACHIEVED a relative drop in wages".

When "austerity" and hard times are brought about by "market forced", it is called an "achievement". When austerity is a by product of trying to live within your means as a country , it is called a "nightmere".

The "achievement" of "internal/wage deflation" in the US is causing a further erosion of the Middle Class (see article in today's NYT)- I'm sure the people affected cannot distinguish the cause of their suffereing between the "achievement of wage deflation" or the "nightmere of austerity". We can't use Germany as a scapegoat or the fact thawe cannot control our own currency. But for the people affected, what the heck is the difference.