• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 1 min A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 1 hour Saudis to cut 4mm bbls. What a joke.
  • 38 mins Saudi Arabia Is Buying Up European Oil Majors
  • 2 hours Occidental hypocrisy
  • 3 hours Chinese Communist Party
  • 2 mins Trump will be holding back funds that were going to W.H.O. Good move
  • 37 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 2 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 5 hours Sharp real pure true hard working roughneck needing work..
  • 6 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Get First Access To The Oilprice App!
  • 7 hours Bernie Sanders introduces bill to ban fracking

How Large have European Spending Cuts Actually Been?

How Large have European Spending Cuts Actually Been?

To be sure, there are particular small countries which have made serious spending cuts, in the Baltics most of all.  But sometimes one hears it said that an anti-austerity strategy must be EU-wide as a whole, or that austerity is “a failed strategy for the eurozone,” or something similar.  So perhaps it is worth looking at some numbers for the larger picture.

First, I wish we would stop being surprised by what’s happening in Europe right now. Second, I wish anti-austerity critics would start acknowledging that taxes have gone up too–in most cases more than the spending has been cut. Third, I wish that we would stop assuming that gigantic “savage” cuts are the source of the EU’s problems. Some spending cuts have been implemented in a few countries. Also, if this data were adjusted for inflation (which I would prefer but the data isn’t available) it would possibly show a slight decrease and certainly a flatter line for all countries. However, the overwhelming take away from the European experience is that a majority of governments haven’t really implemented spending cuts, large or small, and some have even continued to grow.

Click here for the full article.



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News