Austerity Also Fails In Spain

The announcement of a credit downgrade of Spain by Standard & Poor’s is the latest sign that austerity is failing to work in the world economy.

Experts say that the policy of severe cuts to Spain’s social safety net aren’t jumpstarting that nation’s economy.

Similarly, austerity measures have failed in the United Kingdom, prompting a double-dip return to economic recession.

By contrast, the GDP of the United States has grown, and jobs have returned following the economic stimulus program passed by President Obama and congressional Democrats.

Republicans like Mitt Romney have promoted economic programs similar to the austerity initiatives that have failed in Europe.