Paul Lachine

Taponar el agujero adecuado

LONDRES – Las “leyes de los agujeros” son tan implacables como las “leyes de la física”. Si nos encontramos en un agujero y queremos salir de él, lo primero que debemos hacer es dejar de excavar. Si afrontamos varios agujeros que taponar y queremos saber por cuál empezar, elegiremos el que represente el peligro mayor. Esas leyes son particularmente ciertas cuando las aplicamos a la hacienda estatal.

Cuando John Maynard Keynes hablaba de subempleo persistente, no quería decir que, después de una gran sacudida, las economías se paralizaran en un nivel inmutable de actividad deprimida, pero sí que pensaba que, sin un estímulo externo, la recuperación desde el punto más bajo sería lenta, incierta, débil y con probabilidades de recaída. Su “equilibrio del subempleo” es una forma de tirón gravitatorio en lugar de un estado fijo.

Se trata de una situación que Alan Greenspan, ex Presidente de la Reserva Federal de los Estados Unidos, calificó de “cuasirrecesión”, término mejor que el de “recesión con doble caída”. Denota una recuperación anémica, con arranques de entusiasmo puntuados por desplomes. Es la situación que afrontamos hoy.

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