[5440 note: excellent analysis from the Liberty Bullhorn. Here's an excerpt.]
Predictably, the European welfare state crisis is making its way into the presidential campaign. So far, this influence is limited to ill-informed rhetoric. Using Bill Clinton as its talking head, the Obama administration is attacking Romney for being a herald of European-style austerity in America. From the Wall Street Journal:
Former President Bill Clinton, fundraising in New York City with President Barack Obama at his side, said congressional Republicans and presidential hopeful Mitt Romney have “adopted” Europe’s economic policies. “Their economic policy is austerity and unemployment now, and then a long term budget that would explode the debt when the economy recovers so the interest rates would be so high, nobody would be able to do anything,” Mr. Clinton said to a crowd of about 50 at fundraising event Monday for Mr. Obama’s re-election campaign.
This is yet another iteration of a widespread misunderstanding of what austerity is. Too many people in America seem to believe that spending cuts and austerity are the same thing. This is of course complete nonsense; anyone who would like to learn more about what austerity is may start by reading this paper.
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