British austerity not working

I figured with all of your bashing of austerity, you would surely have some alternatives for us...

You really believe our housing bubble, is the ONLY thing that led Europe into the state that they are now in?

Something that works?! What in your opinion, would work?
Or do you really not have any idea?

There's evidence all around the globe that the spending levels we've reached cannot be sustained. England itself is one example. What would you have them do aside from austerity? Just keep spending and hope they can keep the balls juggled as long as possible?

Strawman. Not what I said.



I have some idea. Economics is not an exact science.



Retarding economic growth is not the answer.

What is patriotic or American about 70% debt-to-GDP ratios and 15 trillion in debt and where people pay almost half of everything they make to the government?

Strawman my ass... If that's not what you meant, then please elaborate.

Worldwide financial crisis triggered by the US housing bubble popping.

What else, besides our housing bubble, has led Europe to the financial state they are now in?

And what are some of those ideas?

So if you had $70,000 in debts, but you earned $100,000 a year, would you shoot yourself?

So if you had $70,000 in debts, but you earned $100,000 a year, would you shoot yourself?

You can't directly compare the largest economy in the world with Greece.

Different rules apply.

When you owe the bank $10K, they own you. When you owe the bank $10B, you own them cause they can't afford your bankruptcy.

European Austerity doesn't work. it doesn't grow any economy. italy has had 0% growth for the last 10 years and they are the next country to default. Britian's austerity has caused them negative growth in the first 2 years and is now flat for the forseable future. Germany is the strongest yet they only grow at 1.5%. With declining population, germany growth is predicted to fall to 1% for the years and decade to come. Europe is in big big trouble compared to the US. European austerity measures that cut education, infrastructure, and research is the short term and long term solution into depression.

When the war ended, all the Keynesians predicted disaster and a horrible depression because of the cuts in government spending and men coming home from Europe and the Pacific. Well, when that didn’t happen, people should have known that there isn’t a simple relationship between government spending and prosperity.

In real terms, the Eurostat data show a slight drop in 2010. Less than 1%. Let me write that again. Less than 1%. That’s the austerity that plunged the UK into a double-dip recession according to Cassidy and provided the natural experiment that makes our understanding of austerity official. In 2011, according to Eurostat, real spending fell 4.1%.

And the UK’s slowdown has more to do with the eurozone crisis, declining North Sea oil and the inevitable contraction of the banking sector, than multiyear moves towards budget balance.

There has either been no austerity in the UK or at best, very little.