In the Washington conversation, we often talk about austerity as something that other people are doing. Tight fiscal policy is undermining growth in all those other economies—Greece and Spain most dramatically, but also the rest of continental Europe and Britain—while we Americans have continued our profligate ways. Just Friday, Alan Simpson and Erskine Bowles were again offering a plan for the U.S. to finally get serious about its deficits and debt.
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