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By PAUL KRUGMAN
Published: February 19, 2012
Last week the European Commission confirmed what everyone suspected: the economies it surveys are shrinking, not growing. It’s not an official recession yet, but the only real question is how deep the downturn will be.
And this downturn is hitting nations that have never recovered from the last recession. For all America’s troubles, its gross domestic product has finally surpassed its pre-crisis peak; Europe’s has not. And some nations are suffering Great Depression-level pain: Greece and Ireland have had double-digit declines in output, Spain has 23 percent unemployment, Britain’s slump has now gone on longer than its slump in the 1930s.
Pain Without Gain - NYTimes.com
Seeded on Tue Feb 21, 2012 10:36 AM EST
Article Source: The New York Times
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Worse yet, European leaders — and quite a few influential players here — are still wedded to the economic doctrine responsible for this disaster.
They're taking their cue from the GOPers in the US, obviously. Seriously - why do conservative pols fail to learn from their past mistakes and obvious failures?
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