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The EU has better social support. However, the US dodged the austerity fad bullet in the 2010s. A lot of the EU really fell for it hard. Austerity is a fantas
by afterburner 3y ago
The EU has better social support.
However, the US dodged the austerity fad bullet in the 2010s. A lot of the EU really fell for it hard.
Austerity is a fantastic way to inhibit growth.
- walthamstow 3y agoAusterity means to spend less on public services and infrastructure. Doesn't that mean the US was in near-constant austerity prior to Biden and the IRA?
- afterburner 3y agoAusterity means to aggressive CUTS to spending in many different sectors. Much, much worse than not keeping up with rising maintenance demands. The UK for example made deep cuts to healthcare and education, cost a lot of people jobs right at the worst possible time (on the heels of the Great Recession). Many smaller worse off countries did even worse. The austerity in Europe was far, far worse than anything that was happening in the US. The US government finance establishment for whatever reason was not infected by that particular bug. The US passed a large stimulus bill and in general was in a stimulus mindset. Europe on the other hand thought it could cut its way out of a crisis.