The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.
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What will growth policy have to look like in a fiscally compacted Europe? Clearly any illusion of budget stimulated growth policy will have to go away.
Having your fiscal house in order and having a more manageable macro-economic future is going to be very useful in creating growth.
Austerity need not be Europe's fate.
You know the illusion of the cheap money is over and now Britain has to go out there and graft and earn its way and create wealth and prosperity in a very competitive world.
It's not enough to have economic growth. You have to distribute wealth throughout all of society.
If we don't get a grip on government spending, there will be no growth.
Americans have always been able to handle austerity and even adversity. Prosperity is what is doing us in.
We all know growth is absolutely vital to a free society. No one should want Australia to be a stag-nation: a nation with a stagnant economy and stagnant aspirations.
You don't grow the economy by growing government.
Fiscal decentralisation does not lead to higher economic growth because economic growth is much more driven by factors other than taxes and spending, e.g. increases in technological progress and improved human capital.
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