From Paul Krugman, yesterday:
The infuriating thing about this tragedy [of a recession] is that it is completely unnecessary. Half a century ago, any economist – or for that matter any undergraduate who had read Paul Samuelson’s textbook “Economics” – could have told you that austerity in the face of depression was a very bad idea. But policy makers, pundits and, I’m sorry to say, many economists decided, largely for political reasons, to forget what they used to know. And millions of workers are paying the price for their wilful amnesia.
Never doubt that this recession is not necessary: it is a deliberate act that was imposed by the will of right wing politicians and their advisers.
Yesterday those right wing politicians succeeded in imposing yet more austerity on Europe. Things will be getting worse soon.