"Furthermore, the authors “find even stronger results” than in previous research that austerity has an inherently contractionary effect on economies. “Generally,” they conclude, “austerity prolongs the pain.” That finding comes roughly six months after another core argument for austerity – that there is a “tipping point” level of debt beyond which economic growth is nearly impossible – was shown to be error-riddled and incorrect."
Posted on: Wed, 11 Sep 2013 07:24:24 +0000
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