Posted inCurrent affairs
“Expansionary austerity” isn’t working in Europe
I'm no economic expert. But much of economics is simple common sense. So it's no big surprise to me that the British economy is faltering after David Cameron's conservative government decided several years ago that cutting government spending in a recession was the best way to stimulate growth and job creation. Huh? This "expansionary austerity" notion is another example of faith-based voodoo economics, like believing that cutting taxes results in more revenue. That's also a myth. Recently Nobel-winning economist Paul Krugman wrote about Europe's continuing economic problems that have been exacerbated by austerity measures. "The Austerity Debacle" shows why it's…
