Why the U.K. recession matters in U.S. politics

[ProSense]

Why the U.K. recession matters in U.S. politics

By Steve Benen

Joe Weisenthal published a pretty remarkable chart today, created by Reuters' Scotty Barber, noting economic growth in the United States, United Kingdom, and Europe over the last nine years (via Ezra Klein). It's the kind of image that should, if our political discourse tolerated just a little more wonkiness, dominate the 2012 debate



The left half of the image is pretty straightforward -- all three economies grew steadily from 2003 to 2007, then peaked, then crashed in 2008. What matters more, however, is the right half of the image.

Once President Obama took office and the Recovery Act/stimulus began putting capital back into the economy, the U.S. economy began growing again. In the U.K., the economy started to improve, right up until British officials began implementing an austerity agenda -- at which point the national economy stagnated and slipped back into a recession.

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In short, American conservatives got everything backwards. When Obama's policies began, Republicans said they wouldn't generate economic growth, but GOP officials got it backwards. When David Cameron's austerity policies began, Republicans were not only certain they would work, they pleaded with American policymakers to follow the Tories' lead.

- more -

http://maddowblog.msnbc.msn.com/_news/2012/04/26/11414805-why-the-uk-recession-matters-in-us-politic

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1. I think that very well could determine the outcome of Obama's

re-election. It's a Catch 22 the Eurozone went the austerity route and now they are going into a double dip.
If that puts the USA into a double dip recession Rmoney will win the election. If Rmoney wins the election he
will follow the Ryan Budget Plan of austerity that he thinks is just marvelous and spiral the entire world
into another Great Depression.

[doc03]

2. Strange, this story will determine the outcome of the election more than any other

this year and nobody has a comment on it. If Europe puts us into a double dip recession it's over for Obama.