Thursday, May 16, 2013

16/5/2013: Euro Area 'Austerity' in One Chart

Frankly, folks, there is nothing like making a factual argument across emotive subject lines... I have put up two posts on Euro area 'austerity' - here and here - and the readers want more numbers, usually in hope of finding a hole in my arguments.

Here is, perhaps a better, summary of the Euro area Austerity in its own numbers - in levels of nominal expenditure and revenues:

I hope this settles the issue:

  1. Euro area austerity has meant revenues collected by the governments are up
  2. Euro area austerity has meant that Government spending is up
Tell me if this is a 'savage cuts' story or a 'tax burden rising' story...

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