Less a political philosophy than a doomsday cult
Behold the further wonders of austerity!
The eurozone’s recession will be even deeper than previously feared this year, the European commission has warned, as it slashed its outlook for crisis-stricken Cyprus and downgraded the prospects of the bloc’s biggest economies.
The EU’s executive arm now expects GDP in the single currency zone to shrink by 0.4% in 2013, a sharper decline than its previous forecast for a drop of 0.3%. The recovery pencilled in for 2014 will also be slower than expected and the unemployment crisis in the eurozone will persist, the commission said in its spring forecasts.
No matter how much they want to say otherwise, it’s pretty clear that that gay guy, John Maynard Keynes, was absolutely right in how important spending is to job growth.