With Republicans in Congress still intent on pursuing a strategy similar to the failed one adopted by the Brits, this is a story that needs trumpeting. Austerity policies are self-defeating: they cripple growth and reduce tax revenues. The only way to bring down the U.S. government’s deficit in a sustainable manner, and put the nation’s finances on a firmer footing, is to keep the economy growing.
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| — | John Cassidy on the U.K.’s official confirmation that austerity policies don’t work: http://nyr.kr/WMwJnY (via newyorker) |
