Well, it's been a little while since all the news talk was about Europe's tough new austerity measures. So where are all the stories about confidence fueled investors creating tons of new jobs and European economies roaring back to life? I'm sure they'll be coming along any day now...
news talk of austerity and actual austerity are two different things i long for the day when we can actually try free markets and reduced spending before blaming everything on it
I suspect austerity will become the conservative mirror to stimulus. Any shortcomings will be blamed on the cuts not being big enough.
Most of the austerity measures haven't even taken effect. Funny you libs blame Bush 4 years into Obama's campaign, but don't give the same leniency to the measures Greece has put in place (which, btw, imho aren't enough). I guess by your logic, the Greeks should have just kept going as if nothing was wrong.
I'd love to see reduced spending. I think though that most people with a high standard of living now in the US would get slammed in a true free market. The rules being skewed for us now would put as at a disadvantage if you open everything up. That's my thinking at least.
BBC had a pretty good breakdown on the efforts so far. Here's Ireland: Government spending has been slashed by 4bn euros, with all public servants' pay cut by at least 5% and social welfare reduced. VAT rose to 23% as child benefit was cut and police stations were closed. The government aims to cut public service pay by 400m euros in 2012. The Republic of Ireland's economy shrank by almost 2% in the third quarter of 2011, compared with growth of 1.4% in the previous quarter. Also, Spain just hit 25% unemployment, which is nice.
they say "slashed" but to really judge it, i need to see a chart of overall spending over time. what is 4bn euros relative to the size of the irish economy? i suspect it's a tiny blip relative to previous increases. when you wreck you economy to the point where austerity isn't a choice (greece), no one would expect any miraculous growth immediately following the inevitable austerity
