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The Trouble with Austerity: Cutting is More About Ideology than Economics

The Trouble with Austerity: Cutting is More About Ideology than Economics

Alex Himelfarb

Governments here and elsewhere are increasingly preoccupied with cutting even as evidence piles up of its harmful consequences on people and the economy. Austerity is not even delivering the balanced budgets its advocates promise. Even the International Monetary Fund is now preaching balance rather than a single-minded focus on cuts. Yet austerity’s adherents hold fast, deny the evidence or double down. Why is that?