Comment 75845

By Borrelli (registered) | Posted April 11, 2012 at 09:25:54 in reply to Comment 75841

I've never, ever heard of a country that faced economic calamity as a result of austerity.

Then you seriously haven't been listening very well. As Jason pointed out, Greece and Ireland are facing huge economic shocks, and developing countries in Latin America and Africa that were forced into austerity (sorry, "structural adjustment programs") by the IMF and World Bank in the 80s & 90s faced many problems, and few saw the benefits promised by the austerity-boosters.

Hell, the IMF now believes that austerity measures do more harm than good:

The only people that get off on austerity are debt-holders trying to protect their investments, and those moralists who love punishing large groups of people for the follies of their leaders.

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