Common Dreams Staff – European, US Austerity Drive Is Suicidal: Nobel Economist Stiglitz – 27 April 2012

The Occupy movement has been very successful in bringing those ideas to the forefront of political discussion.’

Europe is headed down the same path that most Republicans — and many Democrats — are suggesting for the US: reductions in the public sector, cuts in benefits, slashing investments in infrastructure and education.

Austerity is suicidal public policy warns US economist Joseph Stiglitz. Nobel Prize-winning U.S. economist Joseph Stiglitz speaking in Vienna, Austria Thursday night said that it’s a suicidal path for Europe — and that such a policy has never worked in any large country.

Youth unemployment in Spain has been at 50 percent since the crisis in 2008 with “no hope of things getting better anytime soon,” said Stiglitz, who is a professor for economics at Columbia University. “What you are doing is destroying the human capital, you are creating alienated young people.”

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