Austerity

The Republicans, all of a sudden (since Barack got elected), are all gung-ho on austerity. Notice that they weren't so inclined when W was in office, but now they are. Only one problem - lots of other nations are trying it and they are suffering big dips in their economies. Take note of the quote below, from the Daily Kos blog.

"Earlier this week, the International Monetary Fund made a striking admission in its new World Economic Outlook. The IMF's chief economist, Olivier Blanchard, explained that recent efforts among wealthy countries to shrink their deficits - through tax hikes and spending cuts - have been causing far more economic damage than experts had assumed."

Maybe John Maynard Keynes wasn't as wrong as they all want to think he was.