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Old 06 May 12, 23:24
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Quote:
Originally Posted by Cheetah772 View Post
That's true, but at the same time, I'm wondering if it's more wise to wean people off various public assistance programs more slowly, enacting austerity measures more gradually?

Extreme austerity measures will turn some people off, as evident in Greece's case, where mass protests are common, and a revolution nearly occurred. As matter of fact, in California, some cities decided to adopt austere budgets, leading to mass protest rallies. Imagine if this were to be enacted nation-wide, massive riots will occur and some city sectors will look like ravaged war zones.

However, I don't know if gradual austerity will stave off the looming economic disaster, or this will calm down the investors and creditors alike, giving a much needed boost to confidence in various sovereign governments trying to solve the crisis.

Dan
Obviously harsh austerity hurts, but without it your debt keeps rising and you'll end up paying the price down the road. Europe really needs to fundamentally change the way their economy works. It needs a complete structural reform to the right. It spends far too much and has nothing to show for it.
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