Fiscal austerity? Certainly not in Europe
The narrative the left likes to push is that “austerity” is the wrong thing to do, that increased government spending will see us out of these tough times. And they like to point to Europe’s continuing downward spiral because of “austerity” as proof.
Meh. They should consult the numbers first before pumping out yet another false meme:
Hardly a picture of “drastic” spending cuts. Hardly a picture of “austerity.”
As Joel Pollak at Breitbart points out:
Government spending has continued to rise across much of Europe, and even those countries that have made small cuts have not reduced government spending to pre-recession levels. Some Keynesians might believe that these policies are draconian relative to the massive spending that should have happened during a recession, but that shifting the austerity goalposts.
Veronique de Rugy at National Review Online points to the graph above, and also points out that "whenever cuts took place, they were always overwhelmed by large counterproductive tax increases." Higher taxes on the "rich" have led to uniform misery in Europe–and to political extremism among disenchanted voters.That is the real failure of European policy, and the lesson most relevant to Americans as we head to the polls to choose between an incumbent who wants to raise taxes and one who wants to reform them.
Or to distill this even further, the “blue social/political model” is dying and there isn’t much the left (or anyone) can do to save it. Reality has again defined “unsustainable” for the left in terms they are finding difficult to deal with.
What’s the first stage of coping with grief?
Oh, yeah … denial.