Turns out the Europeans continue to believe the best way to revive their economies is to increase taxes and reduce government spending, ignoring President Obama's suggestions.
As I mentioned in previous posts, I am not suggesting that we shouldn't be concerned about deficits. On nearly every government level, promises that were made in the past are now coming due, and are wreaking havoc on government budgets. These clearly need to be addressed in a thoughtful manner.
But I have yet to find an example in the past when a government was able to save its way to prosperity.
Trichet Renews Call to Keep Hard Line on Spending - NYTimes.com
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