Thursday, December 1, 2011

'Austerity' policy: Low-paid foot the bill - CNN.com

'Austerity' policy: Low-paid foot the bill - CNN.com

The United Kingdom was the first country laid across the lap of fiscal austerity. Conservatives in Britain argued that government deficits could be solved by slashing public spending quickly and severely. They got what they wanted, including a particularly drastic set of cuts affecting the country's poor and unemployed. But despite the cuts, Britain's economy has not recovered.

This week, Britain announced it was lowering its economic growth estimates yet again and the multinational Organization for Economic Cooperation and Development (OECD) projects Britain will enter a recession next year. In other words, England was the pilot test for austerity measures, and the pilot test has failed.

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