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May 21, 2012
European spending cuts, the argument goes, have hurt people and are arousing political opposition, while Obama’s proposals to keep federal spending at 24 percent of gross domestic product indefinitely are likely to succeed.
Evil Republican spending cuts, in contrast, would deny the economy needed stimulus and wreak havoc on ordinary people. But the facts undermine the storyline. Veronique de Rugy of the Mercatus Center at George Mason University took a look at what “austerity” in Europe actually means.