Several nations across the EU foolishly experimented with “austerity” and one name-brand casualty has paid with his political career. Others will almost certainly follow:
(WaPo) — The outcome turned Sarkozy into the latest political leader to fall victim to the European economic implosion of the past four years. Widely predicted, his loss put him in the tracks of leaders in such neighbors as Spain, Greece, Italy, Portugal and Britain who have been voted out of power at least in part because they were identified with hard times for Western Europe’s traditionally comfortable economies.
There’s a reason why gas prices topped out the last few weeks in the US, even through the traditional seasonal peak of spring/summer had yet to arrive: The Austerians in Europe generously took their foot off the gas pedal by pushing their respective nations back to the brink of the Great Recession. As the name suggests, Austerians are obsessed with forcing the working class to pay for the sins of the elite point-zero zero one percent by slashing government jobs and programs in the bizzaro-world belief it will magically stimulate confidence and private sector hiring.
Aside from the obvious moral objection — it’s revolting to punish innocent masses for the stupidity of a super wealthy sliver — austerity doesn’t work. It has never worked, and just in case anyone doubted that, the EU Austerians have proven it yet again. Which is to say Mitt Romney and his Banksta posse are promoting austerity for all their collective networth.