Originally Posted by
Gunter
If you look at Europe, Spain is making the cuts the German's want and now have over 25% unemployment. GDP growth has stopped. That's what austerity brings.
It's not the austerity, it's the massive tax hikes... 21% VAT, 56% top marginal income tax rate. At a mere 30K Euros income you're already at 40%. This and a slew of other tax increases aimed at businesses and financial instituitions is crushing economic activity.