“…We now know austerity economics is bad for weak economies facing large budget deficits.
Much of Europe is in recession because of budget cuts demanded by Germany.
And as Europe’s economies shrink – their debts become proportionally larger – making a bad situation worse.
The way to avoid this austerity trap is to get growth and jobs back first – and only then tackle budget deficits.
The U.S. hasn’t yet fallen into the trap – but it could soon..”
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