May 24, 2013

Fact and Theory

By Glenn

Adding more pain in a depressed economy is still a failure. Reducing the pain makes things better.

“”The labour market is an example of the divergent performance between the two regions,” wrote Deutsche Bank’s economists in their new House View report. “Unemployment stood at roughly the same level in mid-2009. Since then, US unemployment has edged down to 7.5% while Eurozone unemployment has risen to record highs of 12.1%”

European did what the conservatives demanded. They cut social programs, they cut pensions, and privatized public assets–workers had to pay the price for reckless bankers. Wealth redistribution from the bottom to the top at its finest.

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