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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (786662)	5/29/2014 10:22:02 AM
From: TimF	Read Replies (1) \| Respond to of 1587715

You wouldn't see those cuts in place until the 2012 budget year. Your claim was that it cut spending by 2011. It didn't, spending was still declining then. It cut very modesly in 2012, and by 2013 was back above 2011 or any previous year. All while running a huge budge deficit. Nothing austere about any of that. In 2008 Italy's budget was over 800 billion Euros; by 2011, it had dropped to 788 billion Euros. So $12 bil Euros is your horribly damaging austerity? What a laugh. That's essentially flat. And it was after a huge increase, was a fairly high percentage of GDP, and was after a huge increase (under 615billion Euros for 2004) Also your data may be off. Billions of Euros 2004 664.3 2005 688.25 2006 723.38 2007 740.27 2008 765.54 2009 788.36 2010 784.47 2011 788.74 2012 797.76 statista.com So again only a drop from the previous peak for one year, and a very modest drop of 3.89 billion euros. No austerity in that trend. What some of the European countries did do, was increase taxes, and they called that austerity, but that term is hardly a good description of taking more of other people's money so you can spend it.