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You're in a situation where you have to cut spending and raise taxes while the left promises to not cut spending and the right promises to not raise taxes. It's an issue the last handful of administrations have not been able to deal with..
It's going to be painful. Hopefully not a drawn out depression like the 1930s.
Austerity doesn’t work
Except when it does (1)
cato institute
Lol
I mean it can work, at least in theory. I’d have to take a more comprehensive look at Estonia’s case. I will not take that source at face value though.
But recently I’ve seen analyses of both the UK and the southern EU countries’ austerity policies being failures. And that’s multiple countries with very different economies.
Labor productivity has grown faster than real wages
And this is supposed to be a good thing?
Hopefully not a drawn out depression like the 1930s.
Much worse. This time it's going to be permanent.
Virtually nothing in politics or economics is ever permanent.
Or species.