BREAKING: Santorum quits

[Mr. Big Dog 10,747]

Define "working". What did you expect from the austerity measures?

Generally, the expectation is that national deficits and debts be tackled when spending is cut. Thus far, that's not happening. Countries that adopted tough austerity measures actually see their deficit and and debt ratios increase. Less GDP, less tax revenue and hence continued high deficits and rising debts. Sure, we can say that this correction is needed and that the next quarter century needs to be spent building back from the bottom of the barrel. Stock markets crash to 1970's levels and then we'll pick up there and start all over. I'd rather not do that.

[mawilson 2,133]

Generally, the expectation is that national deficits and debts be tackled when spending is cut. Thus far, that's not happening. Countries that adopted tough austerity measures actually see their deficit and and debt ratios increase. Less GDP, less tax revenue and hence continued high deficits and rising debts.

The measures haven't been in place long enough to conclude that they are not working. A couple of quarters of negative or zero growth are to be expected.