Voters across Europe are rejecting politicians who have placed the mania for deficit cutting above all other needs, and the mainstream media are beginning to echo the mood, with even The Economist arguing that austerity is “strangling the eurozone’s chances of recovery.” As deeply flawed as the European experiment with austerity has been, however, at least it is commonly understood as a policy response to serious fiscal challenges. It’s different in the United States, where there has been little honest debate about the reasons for or the failures of...
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