I shared an astounding chart last month showing that tax increases account for 90 percent of the so-called “austerity” in Europe.
The author the chart, Veronique de Rugy of the Mercatus Center, calls this “private sector austerity” and she correctly argues that her home continent is in desperate need of some austerity on the public sector instead.
The good news is that more analysts have joined the fight, explaining that Europe is in trouble because of a failure to address the real problem of excessive government spending.
Here are some excerpts from a column in USA Today by Matthew Melchiorre from the Competitive Enterprise Institute, beginning with a good summary of how Europe has erred by choosing to impose austerity on the private sector.
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