• Austerity has measurably damaged Europe: here is the statistical evidence

    12 days ago - By Chron

    BENOIT TESSIER/Reuters
    The Institute of International Finance says austerity probably damages economies trying to recover from the great financial crisis.
    Since 2008, GDP growth in the US has been 10% greater than in Europe, the IIF says. In terms of GDP growth per capita, the reduction was 5%. Fiscal tightening in Europe was the main difference.
    Trend growth in the US was double what it was in Europe following the financial crisis, the IIF says. Prior to 2008, they had been the same.
    "Fiscal austerity is a mistake," IIF Managing Director & Chief Economist Robin Brooks tells Business Insider.
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