Here’s the difference between the Pain Cure and American realism. The data are from Eurostat, and were presented by Paul Krugman on 22 March 2012.
Taking the 4th quarter of 2007 as the base point 100, this is how gross domestic product has fared in the US compared to the austerity program followed by the UK (and every other European country). By the 4th quarter of last year, GDP in the US had crossed into growth territory, which economists generally approve of. Austerity had frozen GDP in the UK at around 96% for two straight years, since austerity set in. Yet they slug on, looking for some sort of magical intervention to make happen what will not happen until they drop their illusion that a government starvation diet will do anything other than starve the government, and therefore everyone else.
There are lots of people in the US who wish we’d get over this wishywashy stuff and get down to some serious government cost cutting pain. Aren’t you glad we’re not falling in line with them, and the parade of European failures?
It might also be worth noting that the American rise in GDP began when you-know-who (the one who is leading the country to ruin, utter ruin, I tell you) moved into the White House.