Austerity has murdered any hope of recovery in the UK. It seems to have done the same thing in Italy. And, in Greece, the citizens of democracy’s birthplace seem to be taking offense at the notion that their first obligation is to punish themselves to make a lot of international bankers whole again, and to cement Angela Merkel’s place in European history, which will be further propped up in Germany by an economy that depends on strong labor unions, a thriving government safety net, and the world’s oldest universal health-care system, to which Germans are entitled, but to which Brits, Italians, Greeks and, if you believe David Gregory, Americans, are not. Make no mistake about it. “Austerity” is a theological construct. It is about punishing the alleged sins of sloth and gluttony. It is about purging through pain. It is about enshrining into law every misbegotten slander about the poor and struggling that’s been floating around the political dialogue for generations. And it doesn’t work.
Esquire’s Charles Pierce on that austerity thing. No lessons for Canada, Ontario, or Toronto here.