In Europe, recovery is now behind where it was at the same point of the Great Depression.

The reason for this feeble recovery? Bad policy:  Fiscal austerity in the face of mass unemployment. Says Nobel prrize winning economist Paul Krugman:

“It’s exactly what everything we know about macroeconomics says you shouldn’t be doing.”

And today, Martin Wolf in the FT agreed austerity has been a terrible mistake:

“The US and even the UK, could – and should – have taken a different course. Because they did not, recovery has been even weaker and so the long-run costs of the recession far greater than was necessary. This was a huge blunder. It is still not too late to reconsider.”

Even Stephen Colbert of comedy show The Colbert Report blasted the austerians.

Will the UK government change tack?

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