I told you so….about Europe….

Well..in an eye opening set of events that have happened over the past quarter have proven Keynes and me right on the failure of the austerity programs in Europe to lead to economic growth. I do want to say “I told you so” just because Keynes predicted that cutting spending during a recession would lead to lower growth, but also because the repubs here in the US are advocating exactly the same policies here…which will lead to exactly the same results that we now see in Europe…that the economies like Spain and England, who have made some of the largest cuts, are falling back into the first double dip recession in 40 years. New predictions that I read somewhere today (it may have been in the Guardian or the Post) put the predictions of European growth with the austerity programs in place at -.3% to flat or no growth in comparison to the US’s predicted growth of 1.8 to 2.9%. This just shows the the general Keynesian rule of running deficits while in a recession or a slow growth period is absolutely necessary to jump start the economy and these can be paid for when the economy gets to sustainable growth. I just wish the repubs would open their econ 101 textbooks and read a little…if they can read, that is…geez….

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