As we have written about HERE – conservatives are asking Americans to support their policies which closely parallel the austerity programs of Europe. Europe has been on the edge of a financial cliff entering into a double dip recession with all sorts of economic unrest and uncertainty. The economic stagnation they are experiencing can be traced back to their unwillingness to engage in necessary growth programs like China and the U.S.; instead – they tried to cut spending to balance their budget deficits like Herbert Hoover in 1929. Conservatives just haven’t learned from the lessons of history and Europe’s only hope is that France’s new President Francois Hollande shakes things up in the EU a bit to modify the status quo.
Krugman writes HERE:
Actually, it’s kind of ironic. While Republicans love to engage in Europe-bashing, they’re actually the ones who want us to emulate European-style austerity and experience a European-style depression.
In fact, almost everyone following the situation now realizes that Germany’s austerity obsession has brought Europe to the edge of catastrophe — almost everyone, that is, except the Germans themselves and, it turns out, the Romney economic team.
Needless to say, this bodes ill if Mr. Romney wins in November. For all indications are that his idea of smart policy is to double down on the very spending cuts that have hobbled recovery here and sent Europe into an economic and political tailspin.
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