Austerity is back in the news, and the news about austerity is never good. We've only had de facto austerity on this side of the pond. So as usual, the news is from Europe, where the austerians are going full-tilt boogie. Our homegrown austerians, like their European counterparts, tell us that the kind of severe austerity underway in Europe is necessary to reduce the deficit. Everything from food stamps to Medicaid and Medicare — everything except defense spending — must be cut in order to reduce the deficit.
The thing is, it hasn't worked. In Greece, Europe's austerity poster child, austerity has shrunk the economy and increased the national debt.
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