Words.
"...The real lesson from Europe is not that we should all tighten our belts and endure more pain but that we need to get the global economy moving. That means our Federal Reserve should pursue more expansive policies. And if congressional Republicans weren’t so determined to block nearly every initiative President Obama puts forward, they would agree to pump more money into state governments and into infrastructure spending to speed a decline in unemployment.
As for Europe, it has gotten a reprieve from Greece’s voters, but German Chancellor Angela Merkel should not see this as a mandate for continuing current policies. I understand why Merkel is reluctant to transfer German money to Greece, Spain and Italy. But her approach is no longer sustainable. The world needs growth, and it needs it fast."
THE WASHINGTON POST: E.J. Dionne: We’re not Greece
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