‘In short, the UK experience shows how austerity policies, when applied without regard to the state of the economy, often lead to more government borrowing and debt creation, not less. In the past few years, we’ve seen pretty much the same thing happen in other European countries: Greece, Ireland, Portugal, and now Italy and Spain. Still, though, many proponents of austerity refuse to acknowledge their errors,’ writes John Cassidy in his New Yorker column 'rational irrationality'. Cassidy calls on US fiscal policy makers to heed the lessons of the Con Dem Government’s disastrous austerity policies:
http://www.newyorker.com/online/blogs/johncassidy/2013/02/uk-shows-how-austerity-policies-lead-to-more-borrowing-and-debt.html
