Small world. A knowledgeable friend wrote me this afternoon “I know everyone looks at Europe and britain is the only country doing well, which everyone attributes to more fluid labor laws, less socialism, more ‘like America’, and other things… But, one overlooked fact, they are the only country also doing a stimulus, the Olympics, which doesn’t show on any govt budget”. Atrios about 45 minutes later:
[The UK] Which, once Olympics related program activities fade, will be as screwed as much of Yurp.
Austerity is chicken soup for the serious person’s soul, but it’s gruel for the middle classes. Please, sir, I want some more.