Spain revises up deficit and raises taxes
Spain revises up 2011 budget deficit forecast to 8 pct of GDP; fresh austerity announced
MADRID (AP) -- Spain's new government warned Friday that the country's budget deficit will be much higher than anticipated this year, as it unveiled a first batch of austerity measures that include surprise income and property tax hikes.
Read rest of article here.
European leaders believe that the problems in Europe stem from too much debt and deficits being too high. So what have they been doing? Imposing austerity, purportedly to "cure" this problem.
And what has happened?
Deficits have gotten bigger.
So what do they do to fix that new problem?
Impose more austerity.
This is Einstein's definition of insanity. Doing something over and over again and expecting a different result every time.
When will this neo-liberal madness end? Unfortunately, not until most of the world is starving or, we're in WWIII, it seems.