Austerity: 2011's Darling Becomes 2012's Pariah
Posted: 05/29/2012 4:58 pm
There's a new scarlet letter in town. Actually, it's the same letter -- "A" -- but it stands for a different word that's increasingly regarded as shameful: Austerity. The darling idea of 2010 and 2011 has become the pariah concept of 2012. One of the defining features of conventional wisdom is the way it perpetuates itself. Once a certain narrative or idea takes hold in the political and media establishments, it becomes almost impossible to shake. So when the conventional wisdom does change, it's worth noting.

And the evidence of profound change is all around. In May, anti-austerity sentiment helped François Hollande topple French president Nicolas Sarkozy, one of the architects of the austerity measures that have caused waves of protest across Europe, especially in Greece.