But Washington politicians have it “totally wrong,” according to Galbraith who believes austerity measures amount to “a wanton piece of cruelty” on lower income Americans. Furthermore, he argues America’s long-term deficit problems are “completely disconnected” from current U.S. borrowing costs, which he notes remain relatively (and historically) low.

“My view is we’re in a tragic moment where public policy is doing real harm on a pretense of accomplishing something that’s absolutely not going to be accomplished,” Galbraith says.

Over the years I have read and enjoyed some of what Prof. Galbraith has written. This is the first time I have seen him and heard him speak. What a refreshing point of view.