Drastic cuts, sequestration, firing public workers by the hundreds of thousands, slashing programs that keep people healthy and alive, closing schools, suppressing stimulus plans when we need them most, and ignoring the opportunity to rebuild a crumbling infrastructure are all wrongheaded policies that progressives have been trying our best to reverse.
Europe is rethinking their own approach to cutting and starving their way out of their economic problems and ending up on “a dead-end street.” It’s about time.
Prodded by Germany and its insistence on fiscal virtue, governments elsewhere have fired workers, chopped welfare benefits and shelved big-ticket projects, turning the continent into what some call one giant “Austerity-land.”…The punishing spending cuts have stifled consumer demand and economic growth, not spurred it. [...]
Public patience with continued belt-tightening is wearing thin as misery increases and as officials repeatedly push their predictions of economic recovery further into the future. [...]
The pressure may finally be starting to tell. Recently there have been signs that the region’s leaders, most notably in Berlin and at European Union headquarters in Brussels, are rethinking their dogmatic pursuit of spending cutbacks and balanced budgets. [...]
Advocates of a more nuanced policy note that U.S. economic performance has easily outpaced Europe’s and that Japan is witnessing a comeback. [...]
[S]o many countries cutting so much so fast, they contend, has turned out to be an act of collective kneecapping that has crippled the entire region. [...]
More pro-growth policies — investment in big infrastructure projects, for example — could jump-start faltering economies and help countries make the revenue they need to pay down their debts, analysts say…
That, however, would require a farsightedness and cooperative policymaking that critics say has been sorely lacking.
Take note, Republicans. Or is that asking too much? As I wrote in a 2011 post, GOP jackasses, foresight is not exactly their strong suit.