As the Christmas and New Year holidays approach, the air of economic
uncertainty dampens the traditionally anticipated spirit of merriment
and hope among the people in the United States and Europe.
Why? The financial and economic measures requiring more austerity
instead of more spending, adopted by both the US and European Union
leaders after laborious negotiations, fall short of what are needed to
break the recession since 2008 in these industrialized states.
In fact, Nobel Prize economist Paul Krugman, who with like-minded
colleagues had called for bigger state spending to create jobs and
bolster growth, this week bluntly wrote: “It’s time to start calling the
current situation what it is: a depression.”
True, the 1930s Great Depression is not being fully reprised. “But
that’s cold comfort,” Krugman argues. “Unemployment in both America and
Europe remains disastrously high.”....
MORE
Source: Bulatlat.com
URL:
http://bulatlat.com/main/2011/12/22/not-a-merry-christmas-for-americans-europeans/