Following up on my previous post, What Austerity?, I thought I’d share this great chart:
Perhaps we shouldn’t give up on austerity until after we’ve actually tried it.
Source: Cafe Hayek
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Zerohedge has a post that gives some much needed context to the current debate over austerity and its “failure.” What Austerity? By mainstream media accounts, the presidential election in France and parliamentary elections in Greece on May 6 were overwhelming verdicts against “austerity” measures being implemented in Europe. There is only one problem. It is a lie. First off, austerity was never really tried. Not really. In France for example, according to Eurostat, annual expenditures have actually increased from €1.095 . . . Peter Tchir of TF Market Advisors wrote this commentary clarifying some of the heated discussion over austerity and GDP growth: Suddenly, everywhere you look, “austerity” has become a 4 letter word. Clearly it wasn’t excessive spending that caused too much debt. Surely we didn’t hit a financial crisis in spite of excessive spending, nope, it is all the fault of austerity. In the rush to avoid supporting anything that could be viewed as “austerity” we have lost sight of what . . . |
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