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The wizards of austerity

How did austerity conquer the world?

By Tom Streithorst  

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Even on its own terms, austerity is a disaster. Greece, despite slashing government spending and ruining the futures of millions, has actually increased government debt as a percentage of GDP. Government spending has fallen, but GDP has fallen further. All that pain for no gain. Ireland, which imposed austerity after the financial crisis, is still languishing with high unemployment and miniscule growth. Iceland, which did not, is growing steadily. Here…

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