We have to admit that we're pretty amused by the latest economic dispute to break out in the world of social media involving a Nobel-prize winning economist, Paul Krugman, and the President of Estonia, Toomas Hendrik Ilves. The Los Angeles Times reports:
Twitter went atwitter Wednesday over a somewhat surprising spat: The President of Estonia apparently slamming New York Times columnist Paul Krugman as "smug, overbearing & patronizing."
Estonia enjoys a budget surplus after enduring harsh austerity measures, which have been deeply unpopular across the Eurozone. Wednesday, Krugman argued in a short blog that Estonia, "the poster child for austerity defenders," had only achieved an incomplete recovery.
"Better than no recovery at all, obviously -- but this is what passes for economic triumph?" he concluded.
In response, the Twitter account used by Estonian President Toomas Hendrik Ilves snapped that Krugman was indulging in "smug & snide gloating" at Estonians' expense. One tweet dropped a profane word to sarcastically say Eastern Europeans could be insulted because "their English is bad, won't respond & actually do what they've agreed to & reelect govts that are responsible."
So what of Estonia's austerity? Has it really put the nation on a fiscally-sustainable path? Are Estonians economically benefitting from the steps their government has taken in recent years?
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