Austerity is a state of decreased spending, and increased taxes by a government in order to try and control the countries deficit. The problem with austerity is that it is a great way to kill the economic growth of a nation. The austerity measures in Europe seemed to do just that, and worse. The weaker economies of Europe were being sent into a death spiral of recession, unemployment, and continued strain on national finances. So clearly these measures were not working out very well for them. The question European nations must consider going forward is not what replaces austerity, but what new mix of policies is needed to encourage growth and get them out of this mess. The public was smart to vote that austerity measures stop, because they recognize the damage that it's causing. In order to solve the problem that is the major debt crisis in the European union there must be a happy marriage between certain austerity measures and certain social services and securities. This way weaker countries can continue to get back on their feet (in terms of the economy) with the help of the government. While the government is cautious in their spending and collecting to keep the debt under control.
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