Friday, May 18, 2012

An Overlooked, Disturbing Irony

Ironically, Europe, which, has strong socialist and trade union movements, has embraced disastrous, draconian austerity measures. The measures have backfired terribly--austerity hasn't actually worked anywhere--which is why Europeans are rising up and voting out incumbents.

Even though it has basically crushed organized labor and weakened the middle class to an alarming degree, the United States, in contrast with Europe, wisely opted for a stimulus--albeit a feeble one--as opposed to spending cuts during the biggest bust since the Great Depression. Thus, although it, too, is in poor economic shape, the U.S. has so far avoided the pain and misery that threatens Greece and Spain with economic ruin and massive social instability.