Tumblr Icon RSS Icon

Europe Unveils New Austerity Packages That Still Won’t Solve The Continent’s Problems

By Pat Garofalo on September 28, 2012 at 10:40 am

"Europe Unveils New Austerity Packages That Still Won’t Solve The Continent’s Problems"


google plus icon

Several European economies rolled out new austerity packages this week, with Spain and Greece doing so amidst protests from citizens already bearing the burden of severe budget cuts. These new plans continue the continent’s insistence that austerity is the way to fix the Eurozone’s ongoing economic woes.

However, as this chart from Nobel Prize-winning economist Paul Krugman shows, the U.S. — which has not engaged in European style austerity — is doing much better than the Eurozone, where austerity has been implemented nearly across the board:

As Krugman wrote today, “More austerity serves no useful purpose; the truly irrational players here are the allegedly serious politicians and officials demanding ever more pain.” New data indicate that the Eurozone is headed into another recession.

Bank Of America Pays $2.4 Billion To Settle Charge It Misled Investors

Top Catholic Bishop Affirms Need For Government Programs To Help The Poor

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.