Okay all you Europeans who’ve voted against austerity, what do you think more government spending is gonna get you?
In the US, it has gotten you slow growth and a drop in unemployment only to the extent that job-seekers are getting fed up with looking and have dropped out of the labor force.
Similar story in Japan, where 20-years of stimulus spending has driven the debt to GDP ration to 220% and the economy is still flirting with deflation.
So, spend to your hearts content. Ain’t gonna do you very much good…
