Exact(5)
Austerity policies are self-defeating: they cripple growth and reduce tax revenues.
But investors have already figured out those interventions are too small, especially when combined with policies that only cripple growth.
Budget cuts in the face of recession only further cripple growth and tax revenues, increasing debt burdens.
The approach assumes sharp fiscal tightening will right Portugal's finances, ignoring how a precipitous drop in government spending will cripple growth and Portugal's ability to repay its debts.
The leader of the opposition Labour Party, Ed Miliband, said Mr. Cameron should stop blaming the euro zone's economic crisis for Britain's difficulties and start to admit that the government's austerity measures cripple growth.
Similar(53)
The ECB cannot be blamed for harsh fiscal austerity, nor for the fragility of banks, both of which have crippled growth.
His budget cites approvingly the work of Carmen Reinhart and Kenneth Rogoff on how debt cripples growth and Niall Ferguson, a historian, on how it brings down empires.
"It's a denial of personal responsibility, which goes a long way to cripple our growth".
Mr. Caruana dismissed assertions by the banking industry that new regulations will cripple economic growth.
If Turnbull wanted to destroy Australian jobs, cripple economic growth and entrench inequality, his unfunded $50bn corporate tax cut would be a fantastic way to start.
"Such policies would have little effect on the climate but could cripple economic growth with devastating results for people across the planet," he wrote.
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Justyna Jupowicz-Kozak
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