Some on the left are defining successful deficit reduction too modestly, Penner writes, threatening to leave future fiscal policy perilously constrained.
Since 2002, Turkey's growth strategy, fiscal discipline, and structural reforms have helped it become the world's 16th largest economy. Last year, Turkey's figures for growth, public borrowing, long-term debt, and unemployment were vastly better than Europe’s.
The United States may be headed for the same belt-tightening austerity that has caused an uproar across Europe. Done right, it could actually work.
Years of fiscal irresponsibility took their toll on Europe after it encountered a serious financial crisis. Is the 'Social Model' unsustainable?