> Public spending as a share of GDP under M Thatcher was cut
> back from 44.5 per cent of GDP in 1980 to 34.25 per cent in
> 1989. Between 2000 and 2011 it grew from 34.6 to 44.7.
I think it's a mistake to compare historical levels. The "experiment" that the NYTimes called "failed" was not about historical levels of spending, relative to other times; it was the notion that, when faced with a serious drop in demand, that cutting government expenditure was the answer to get the economy back on track.
And it's important to look at how well this "worked" (or in this case, didn't work) because it's exactly the same path that the Euro zone countries are headed down if Germany gets her way.
/jordan