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(The Year 2012 In Review)
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|User Info||GreeceFire Re-Ignites; entered at 2012-05-08 08:17:08|
Ooops my post got cut off at the top:|
Austerity isn't really a policy, it's forced march. No one is proclaiming austerity will result in immediate wealth and jobs. Once the budget is balanced and the debt payed down, then these countries are where they are. Paying back borrowed money is not a wealth creation exercise. It's an exercise in honesty, fiscal prudence, and preserving a future for our progeny. Keynesian spending has a 100% record of failure. 100%.
The austerity opponents are making an argument like this: 20 people take out a home loan, and only 2 of them make payments. The 2 making payments are failures, because they can no longer buy expensive groceries and cars. The 18 not making payments are investing in success with the loan payments they aren't making.