I predicted this more than a year ago. You need a growth mechanism
not just strict austerity. The U.S. proved that.
4/25/2012 @ 2:09PM |455 views
British Economic Austerity Bombs As England Double Dips Into Recession
David Cameron is a British politician, Leader of the Conservative Party (Photo credit: Wikipedia)
Over the past year, I’ve watched with wonder as American conservatives have grown increasingly comfortable with their narrative deriding our European friends as an oppressed people living in a socialist hellhole.
To hear GOP leaders tell the story, Europe’s only true remaining value is to serve as a warning to good Americans everywhere that a life of croissant, kippers, long summer vacations and government run healthcare will surely turn us all into communists. They warn that continuing to allow our socialist president to take us down the European path will lead to us to become the American collectivist society.
There is, however, one thing about Europe that the GOP has found very much to their liking – European style economic austerity.
Since the moment English Prime Minister David Cameron instituted his government austerity program in the belief that taking huge sums of money out of the British economy would get England back on more solid financial footing, American conservative leaders have been fawning all over their Conservative Party counterparts—if not the actual nation that the British Conservatives lead.
Today, the report card is in and the results are clear—the GOP has been backing the wrong horse…again.