A deficit of common sense

摘要

Arguments about austerity L.have taken on an almost religious fervour. To some-such as Wolfgang Schauble, Germany's finance minister, or George Os-borne, his British counterpart-tough fiscal policy is the cure for excessive debt; and any easing risks betraying a confidence-sapping loss of resolve. To others, today's austerity is self-defeating. Trying to cut deficits when economies are weak will lead to stagnation, they say, and even bigger debt burdens.