I find myself basically in sympathy with the general thesis but worry that he makes it all sound a bit too easy. In particular, I would be worried about extending his arguments for fiscal expansion from the US to the UK without significant modification. A fiscal expansion would create problems for the British economy because of the larger share of trade in the economy and the much larger marginal propensity to import than is the case for the US economy. Put simply, we can't afford to forget about the Balance of Payments (even though we seem to have been doing exactly that during the recent past).
