Atrios explains in just a few words what Democrats can’t seem to explain at all.
“It looks like the LTRO is having a positive contribution. Does it solve all of the problems sustainably? Probably not,” said Andrew Bosomworth, a senior portfolio manager at Pimco.
“At the end of the day, it comes down to growth — that’s what these countries need to keep their debt sustainable.”
Everybody has been getting it backwards.
1) Cut spending
When the reality is:
1) Increase spending
3) pay down debt