Economic austerity is a dangerous, self-defeating intellectual fad. Perhaps I should say that's what it was, given Sunday's election results in Europe. Perhaps I should also say good riddance.
Voters in France, Greece and even Germany — a hotbed of the austerity cult — told their political leaders, in no uncertain terms, that boosting economic growth is more important than cutting government spending. Here in the United States, I hope that Democrats, at least, were paying attention; I fear that the addled ideologues who control the Republican Party will never get the message.
