12-02-2013, 08:39 AM
The article above by Danny Jacobs is really, really depressing. The public sector is about the only one without serious (or even any) balance sheet problems, yet what do they do? Chase their own tail. 6% austerity to achieve a 1% reduction in the deficit, and at what cost? Derailing the economy.
And the great irony, they lost the triple A status anyway (not that it means all that much..).
And why are they pursuing policies that are so clearly counterproductive? Well, they can't lecture the eurozone periphery if they don't stay within the 3% deficit norm themselves..
This is, well, madness.
And the great irony, they lost the triple A status anyway (not that it means all that much..).
And why are they pursuing policies that are so clearly counterproductive? Well, they can't lecture the eurozone periphery if they don't stay within the 3% deficit norm themselves..
This is, well, madness.