While on the campaign stump, Team Romney/Ryan regularly pound the podium and tell us they “don’t want the U.S. to turn into Europe.” The problem is their economic prescription of slashing spending in tribute to the Austerity Gods would do exactly that. If you’re wondering what our country would look like after four years of a Romney/Ryan adminstration, look at the sorry mess in Great Britain where, some years ago, they embraced exactly the same economic policy the Republicans now pretend will “save” us.
Not only is the country back into a double-dip recession, but the economy is even growing slower than the Eurozone, where Q2 GDP only shrank 0.2%.
A big culprit is the austerity agenda of Prime Minister David Cameron, who came into office in 2010. Cameron cut government spending, with the aim of restoring confidence and unleashing the private sector.
The path has been such a flop that economists who supported David Cameron when he came into office are now urging him to back off, and re-pursue an agenda of infrastructure-driven growth.
Reread that last line again because “an agenda of infrastructure-driven growth” is exactly what President Obama and the Democratic party are prescribing and Republicans have consistently blocked from being enacted. Indeed, it’s the only policy that makes sense if your goal is to improve the economic security of the great majority of Americans instead of just the wealthy CEO class. [via]