Europe was a good model for us to examine, where austerity has failed.. Their extreme action are actually having a reverse effect with negative economic impact.
“Insanity,” as Albert Einstein is said to have once remarked, “is doing the same thing over and over again but expecting different results.”
The results of Europe’s experiment in fiscal shock therapy are in: austerity has failed, and failed miserably. The Eurozone club of 17 countries is now plagued by mass unemployment –- 26 percent and rising in Spain and Greece –- and a prolonged drought in demand. Recession-hit Italy is in the grips of a political crisis; neo-Nazis have been elected to parliament in depression-hit Greece.
Why then is the United States Congress committed to repeating Europe’s economic mistakes?
Europe, suffice to say, lacks a Grover Norquist.