Right Thinking From The Left Coast
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Europe Leads the Way

It’s a sad day when the European Socialist States (TM) are exercising more fiscal responsibility than we are:

Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday.

“European participants are of the opinion that this is urgently necessary to prevent such crises from happening again in the future,” Merkel said in her weekly podcast.


Merkel’s stance contrasted with that of U.S. President Barack Obama, who this week said public finance problems should be addressed “in the medium term”—a warning that clamping down budgets should not be done at the expense of recovery.

European governments have been launching austerity measures to head off a spread of the debt crisis begun in Greece.

Merkel’s cabinet earlier this month unveiled Germany’s biggest post-war austerity drive, with planned budget cuts and taxes amounting to 80 billion euros over the next four years.

This will prove an interest test of Keynesian theories.  According to every screeching Leftist on the pages of the New York Times, this should plunge Europe into a depression while America soars to new heights on the wings of the Stimulus.  Of course, it’s not like the Keynesians ever let reality constrain their imaginations anyway.

Still, we’re in the sad position now of having a President who isn’t as free-spending as Europe.

Posted by Hal_10000 on 06/19/10 at 09:01 AM in Europe and the UK • Permalink


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