For Some Folks The Answer Is Always More Spending

If it’s causing some pain than I’d say it’s working pretty damned well

Spain Downgrade Proof Austerity Not Working

Ratings agency Standard & Poor’s downgrade of Spain’s credit rating Thursday for the second time this year highlights the fact that austerity alone is not enough to tackle the euro zone debt problem. Experts tell CNBC that European leaders need to focus on growth now.

“Clearly, austerity and growth cannot go hand in hand… I think we need to see European leaders break out of this pure austerity mode and try and do something different in terms of pro-growth policies,” Vasu Menon, Vice President, Group Wealth Management, OCBC Bank, told CNBC Asia’s “Cash Flow.”

Spain has been downgraded because they’ve spent way too damn much money…just like every other government. Spending HAS to be cut, there will be pain felt because we’ve all lined up at the trough for far too long.

I’ve said it before and I’ll say it again: insisting that the solution to massive deficits can only be more spending is like saying that an alcoholic can drink himself to sobriety.

3 Responses to “For Some Folks The Answer Is Always More Spending”

  1. aelfheld says:

    It was Spain that pioneered the $500,000 ‘green’ job.

    Beats Hell out of that $10 . . . umm, yeah, I’ll just quit now.

  2. Syd B; says:

    Oh, life was so simple back in ’04.…ws26060403.htm

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