After 2-3 years of "austerity" programs, Europeans are starting to look at their economies in a different manner.
'Somehow', in some mysterious fashion, the "failed" stimulus programs advocated and pushed for by the Administration have kept the US from falling back into recession. Now that the stimulus funding has ended, we are starting to see the economy here beginning to slow. Naturally those of the Austrian school think that this proves their point that government should spend even less.Krugman Wishes He Were Wrong Amid EU Austerity Backlash
Europe’s shifting emphasis from enforcing austerity to seeking economic growth marks a hollow victory for Nobel laureate Paul Krugman.
“I wish I’d been wrong for the sake of the world,” Krugman said in an interview with Bloomberg Television’s Carol Massar. “You can see that there has been a definite shift in opinion.”
The euro area’s push to revive confidence in its economy and financial markets by attacking budget deficits will be challenged at the ballot boxes of France and Greece on May 6 as the region’s economy skids toward its second recession in three years and unemployment nears 11 percent.