Neocon Economic recipes will prove painful and wrong:
A diabolical mix of US wages and European austerityI recommend the full article on FT, anyway here is an excerpt:
If Europe were to move towards structural reforms that create a labour market similar to America’s while pursuing fiscal austerity, while America embraces fiscal austerity as US corporations continue to shrink payrolls, we are likely to experience the same results on both sides of the Atlantic. Real wages will decline, we will have less economic security and our public services will be diminished. That is not sustainable, economically or politically.
