The misguided GOP focus on deficits and austerity in the U. S. is messing up the whole world’s economy. From the NYT*:
“The Europeans lately have slightly eased their austerity policies, after four years of deep spending cuts and rising taxes that many economists blame for keeping the Continent in recession long after America’s ended.
“And the Obama administration, after years of pressing Europe to adopt American-style stimulus measures, is now presiding — if reluctantly — over European -style austerity that is measurably slowing its recovery. …
“The new reality in the Unites States reduces the president’s already limited leverage in his fiscal debate with Europeans…even as Europe’s woes continue to act as a drag on its trading partners, including the United States.”
I would force every Republican member of Congress to write “Keynes was right” on the blackboard 1,000 times.
* “Lines Blur in U.S.-Europe Debate on Austerity,” Jackie Calmes