UK austerity v US stimulus
The budget deficits in the 8-10% range. Since when was that austerity?
And the US deficit is about 10%: since when is the same damn deficit austerity in one country and stimulus in another? Since the Tories are in one and St. Obam in the other?
And for those who want to argue that it’s the cuts to come. That everyone is pulling in their horns now given the future cuts. Erm, you do realise that’s a form of Ricardian Equivalence.
The RE which, if true, means that Keynesian stimulus cannot work?