After looking at the data Veronique de Rugy asked: where is this much discussed austerity?

• Spain, the United Kingdom, France and Greece are widely believed to have implemented severe austerity measures.
• Yet their spending is still higher than pre-recession levels.
• In fact, France and the UK didn’t cut spending at all.
• While Italy did cut spending between 2009 and 2010 it increased it by more than what was cut in 2011.
• Countries have raised taxes more than they have cut spending.

To read a further discussion about how in an age of economic woes, flat spending might be a sign of austerity, why raising taxes is a bad idea, what successful reform actually looks like, and what European countries need to do, click here.

Source: National Review

Via: Marginal Revolution