I’m Also Surprised that Newt Gingrich’s Campaign Hasn’t Taken Off
By This would be funny if the results weren’t so tragic:
The Greeks have already reduced their deficit by five percentage points of the gross domestic product, “unprecedented cuts in a modern economy,” Mr. Tilford said. “But the cuts have had a much stronger negative impact on the economy than the troika imagined, and fiscal austerity has pushed the economy deep into recession. Debt can only be paid out of income, and that means growth.”
Yes, who could possibly have predicted that tax increases and draconian spending cuts — in a country with no control over its monetary policy! — would have contractionary effects. Absolutely shocking. I haven’t been this surprised since the 2010 Pirates failed to win 120 games. But I’m sure the second round will work like a charm.