What America Can Learn from Europe

What America Can Learn from Europe

With the so-called fiscal cliff looming, policy makers in Washington are preparing for debate and, perhaps, some compromise. Across the Atlantic economic collapse is unfolding, and on both sides of the economic spectrum the fiasco in Europe is being used as rhetorical ammunition by pundits and politicians. On the right the eurozone crisis is being portrayed as the inevitable future of the United States if spending is not curbed. On the left the failure of so-called austerity is all the evidence that is needed for Congress and the White House to avoid spending cuts and lower taxes. Indeed even President Barack Obama has tried to persuade some European leaders into spending more. Both of these interpretations are misguided, however, and each one threatens to endanger fiscal and monetary reform in the United States.

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