Putting aside the issue of the euro for a moment, the fiscal reforms Europe needs are clear: Smaller welfare states, less intrusive regulation, and pro-growth tax cuts. Of course, just raising taxes is a lot simpler. Sure is a lot quicker. But it’s not working. I hope the Obama White House notices the tax-hike fiasco going in Europe since it is pretty much the exact path he wants the U.S. to follow.No doubt.
Thursday, May 10, 2012
A great post from James Pethokoukis, "Europe’s failed experiment in tax-hike austerity":