Call it the austerity death trap.
Under these circumstances, the harder a country works to cut its debt, the worse the ratio becomes - because the economy shrinks even faster.
Greece is already in the trap. Spain and Italy are perilously close. Even Britain, France, and Germany are tip-toeing up to it. And now us.
Deficit hawks have to understand: The first step must be to revive growth and jobs. That way, revenues increase and the debt/GDP ratio drops. Only then - when the economy is back on track - do you start cutting.
The main stream media is at it again. Another blatant attempt to spur on the conservative cannibalism - to try to get us to eat our own. Part will fuss at Bachmann, part will fuss at GOP leaders for "fussing" at Bachmann. Here's our take - what do you think?
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