Sarah Leonard:  Austerity Has Been Discredited. So Why Won’t It Die?

Austerity Has Been Discredited. So Why Won’t It Die?Sarah Leonard, The Nation, July 16, 2015

“All of the economic research that allegedly supported the austerity push has been discredited,” The New York Times‘s Paul Krugman wrote in April. Need evidence? Look at Greece, where EU-imposed austerity has sent the country’s GDP into a death spiral. As we go to press, the troika (the European Commission, the European Central Bank, and the International Monetary Fund) is asking Greece to vote on an emergency relief package packed with even more austerity demands, including harsh spending cuts. “The Greek government,” Thomas Piketty wrote at TheNation.com, “is being asked to put a gun to its head and pull the trigger.”

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