With the fiscal cliff approaching, American politicians and policy makers are looking to the unfolding European economic catastrophe for answers. Matthew Feeney explains that the American left needs to acknowledge that so-called austerity is not the problem, while the American right must accept that overspending alone did not cause the eurozone’s troubles. If we want to tackle the fiscal crisis at home, Feeney says, it is essential we first understand what is happening abroad.
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