- Banned
- #41
Problem is, Europe has not been cutting spending. Mercatus Center Senior Fellow Veronique de Rugy has crunched the numbers and found that among some of Europes worst economies (Spain, the United Kingdom, France, Greece, and Italy) government spending cuts have wither been tiny or non-existent. Greece and Spain did cut slightly in 2009 through 2011, but both countries are still spending more today than they were in 2008. Italy did reduce spending in 2009 and 2010, but increased spending in 2011. Meanwhile France and the United Kingdom have yet to cut spending at all.
Veronique adds:
The most important point to keep in mind is that whenever cuts took place, they were always overwhelmed by large counterproductive tax increases. Unfortunately, that point is often overlooked. This approach to austerity some spending cuts with large tax increases is what President Obama has called the balanced approach.
Washington Examiner | The Weekly Standard
Veronique adds:
The most important point to keep in mind is that whenever cuts took place, they were always overwhelmed by large counterproductive tax increases. Unfortunately, that point is often overlooked. This approach to austerity some spending cuts with large tax increases is what President Obama has called the balanced approach.
Washington Examiner | The Weekly Standard