Is Austerity The Answer To European Problems?

A common perception among many economists and elected officials is that austerity is wreaking havoc on economic conditions in Europe. The statement seems to be, at least according to the evidence, more academically political than fact. Employment Growth The following graphic is a look at employment growth by various European countries since 2009. On top of the growth pyramid are the Germans, with net new job creation of 1.7 million. In second place is the United Kingdom at 1.4 million, followed by Hungary, Switzerland, Sweden, Austria, Norway, Belgium, and Iceland. On the other end of the jobs spectrum are the…