Eugene Robinson - Austerity as a bridge to nowhere
Eugene Robinson
Austerity as a bridge to nowhere
Economic austerity is a dangerous, self-defeating intellectual fad. Perhaps I should say that’s what it was, given Sunday’s election results in Europe. Perhaps I should also say good riddance.
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But another clear lesson is that austerity has to be seen as a means, not an end. The goal is to recover from the massive blow inflicted by the global financial meltdown and return to prosperity. This may involve a measure of austerity — but definitely requires considerable economic growth, which should be policymakers’ first priority.
The reason is simple: If you can get the economy growing again, all other aspects of the crisis become more manageable. Debt and deficits shrink as a percentage of national output. Unemployment declines, as does the need for social spending.
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Mitt Romney and the GOP subscribe to the pro-austerity view. They are, of course, entitled to their opinion, even if it happens to be wrong. I sincerely wish them all the electoral success their ideological allies are having across the Atlantic.
more:
http://www.washingtonpost.com/opinions/austerity-as-a-bridge-to-nowhere/2012/05/07/gIQAVBAw8T_story.html