From across the pond comes a different take on Britain's public finances, one that too few media outlets in the UK even bother to consider credible. Yet the New Yorker's John Cassidy has the right of it, and gets there by way of a simple lesson
... from an economic perspective, Osborne’s argument is hogwash. His effort to cure the patient by subjecting it to the equivalent of leeching—big cuts in government spending and higher taxes... failed abysmally. Imposed at a time when the U.K.’s economy was recovering from the financial crisis of 2008-09, it subjected his countrymen and countrywomen to three more years of slump-like conditions, and it produced a dearth of public-sector and private-sector investment that will hobble Britain for years to come. It even failed to meet its own targets of drastically reducing the budget deficit and bringing down Britain’s over-all debt burden.