The only problem with the European vs US approach to the economic downturn is the fact that the social safety net and human services programs in place in Europe is so much bigger than what is available here. So while their cuts have been severe to them, if we had what they still have, it would seem overly generous. It's difficult to compare our minor increases with their cutbacks.
Targeted austerity while still spending on jobs seems to be a balanced approach that is currently working here. The Greeks got what they deserved. They had a cultural proclivity to over-borrow.
Posted by Mike Force on February 16, 2012 at 10:38 AM
You should read what Bruce Bartlett, one of the architects of Reaganomics, and author of several influential supply-side economics books, has to say about today's Republicans:
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