US Treasury Sec. Lectures Europe About Austerity.......
Can you believe this? You can't make up stuff like this...... Where is this country headed??
Jack Lew, the new U.S. Treasury Secretary, is in Europe this week.
He's lecturing European leaders about the lousy job they're doing fixing the overall European economy, which remains in a recession.
Specifically, Lew is saying that Europe should ease the "austerity" policies that have helped destroy the economies of Greece, Portugal, the U.K., and many other European countries. These government spending cuts, which were designed to reduce budget deficits, are instead just hammering some of Europe's economies. Because economic contraction leads to less tax revenue, the policies are also failing to do what they were supposed to do -- cut budget deficits. The U.K.'s deficit, for example, is almost as big as it was during the worst of the financial crisis.
So, yes, Europe should reduce or eliminate its misguided "austerity" push and pursue "pro-growth policies," as Lew is suggesting.