A deficit of common sense
The debate about budget cuts has become dangerously theological
ARGUMENTS about austerity have taken on an almost religious fervour. To some—such as Wolfgang Schäuble, Germany’s finance minister, or George Osborne, his British counterpart—tough fiscal policy is the cure for excessive debt; and any easing risks betraying a confidence-sapping loss of resolve. To others, today’s austerity is self-defeating. Trying to cut deficits when economies are weak will lead to stagnation, they say, and even bigger debt burdens.
This article appeared in the Leaders section of the print edition under the headline "A deficit of common sense"
From the October 27th 2012 edition
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