Does Austerity Actually Work? Not where it was tried.

The answer appears to be a resounding NO. The United Kingdom strongly implemented austerity measures across the board in the hope of hitting certain benchmarks down the road, but the cutbacks have only heightened the effects of the recession. The Economist says that now half of the economists who called for austerity in the UK three years ago have changed their opinions.
The rest of Europe felt similar effects after experimenting with austerity. As Daily Kos reports, an International Monetary Fund study uncovered that “tax hikes and spending cuts… have been causing far more economic damage than experts had assumed.” The same budget cuts meant to conserve money ended up costing countries more than if it had been spent in a manner that could stimulate the economy.

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