It is true that Republicans not in charge in Europe, but since Austerity is best defined as paying for the excesses of the rich by taking away the basic needs of the poor and middle classes, the policy itself is similar to what Republicans do. The only difference is that the GOP version is far more cruel and draconian. Yesterday’s elections were good for Europe and a good example for the US.
The election of Francois Hollande in France gives the leaders of struggling southern European countries a new ally in their effort to temper the German-led drive for rigid austerity that has exacerbated their economic woes.
Socialist Hollande’s victory breaks up the centre-right tandem of his predecessor Nicolas Sarkozy and Germany’s Angela Merkel, whose European fiscal pact demanded deep spending cuts in Italy, Spain, Portugal and Greece.
Southern European leaders – including centre-right ones who might have publicly preferred Sarkozy – will cheer the prospect of more time to meet deficit targets and support for proposals such as euro area bonds and coordinated stimulus spending.
In their own election on Sunday, Greek voters abandoned traditional parties from both the left and right that had supported austerity, dealing another hard blow to the Sarkozy-Merkel policies that had become the European consensus… [emphasis added]
Inserted from <Reuters>
Paul Krugman had an excellent take on this.
The French are revolting. The Greeks, too. And it’s about time.
Both countries held elections Sunday that were in effect referendums on the current European economic strategy, and in both countries voters turned two thumbs down. It’s far from clear how soon the votes will lead to changes in actual policy, but time is clearly running out for the strategy of recovery through austerity — and that’s a good thing.
Needless to say, that’s not what you heard from the usual suspects in the run-up to the elections. It was actually kind of funny to see the apostles of orthodoxy trying to portray the cautious, mild-mannered François Hollande as a figure of menace. He is “rather dangerous,” declared The Economist, which observed that he “genuinely believes in the need to create a fairer society.” Quelle horreur!
What is true is that Mr. Hollande’s victory means the end of “Merkozy,” the Franco-German axis that has enforced the austerity regime of the past two years. This would be a “dangerous” development if that strategy were working, or even had a reasonable chance of working. But it isn’t and doesn’t; it’s time to move on. Europe’s voters, it turns out, are wiser than the Continent’s best and brightest…
Inserted from <NY Times>
Krugman is spot-on, and of course, the Republican plan for the US is what Europeans are rejecting, only worse.
12 Responses to “European Voters are Rejecting Republican Policy”
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I hope this sends a message to American voters. I hope they listen.
Amen twice!!
I couldn’t be more delighted in the developments occurring in both France and Greece. I agree it is high time to start heavily taxing the wealthy and put the burden of balancing budgets squarely on their backs rather than on workers and the poor! Let the wealthy enjoy a heavy dose of austerity measures for a change, those cheap crybabies!
Well fatwahed Pope Jack!
Austerity doesn’t work! They attack those least able to afford giving up even more. Let the wealthy pay for their own wars. The poor and middle class pay with lives lost or destroyed forever.
Exactly!
Thought this was very good news indeed—-So much damage already done to all of us–
I agree!
If one route doesn’t work, as clearly the austerity only plan doesn’t, then it is time to try something else. A more balanced approach is due — heavier taxes on the rich who benefitting most ftom the austerity.
I hope Harper has his eyes open!
It’s like the trickle down that always gushes up!
The irony is that the Republicans constantly claim that Europe’s problems are due to socialism and deficits, whereas in fact they’re due to the very policies that the Republicans themselves want to impose here. The fact that it’s the actual socialists who are calling for a 180-degree about-face should wake up a few people.
There were also local elections in Britain last week in which the Conservative party, which has also been pursuing austerity (and has aborted Britain’s economic recovery in the process) lost big.
Excellent analysis!
In addition, there were regional elections in northern Germany and Merkle’s party took it in the shorts.