Interesting article about the results of Britain's austerity program: In making his annual Autumn Statement to the House of Commons on Wednesday, George Osborne, the Chancellor of the Exchequer, was forced to admit that his government has failed to meet a series of targets it set for itself back in June of 2010, when it slashed the budgets of various government departments by up to thirty per cent. Back then, Osborne said that his austerity policies would cut his country’s budget deficit to zero within four years, enable Britain to begin relieving itself of its public debt, and generate healthy economic growth. None of these things have happened.The article goes on to point out that this was a predictable result, and in fact was predicted. By contrast, the US is reducing its deficit faster by not going the austerity route. The tragedy is that none of this needed to happen. Britain suffered a double-dip recession and when the smoke cleared their deficit problem got worse, not better. The official reaction is to double down on a losing strategy. The silver lining is that we can use the UK as an example of what not to do. http://www.newyorker.com/online/blogs/comment/2012/12/auster...
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