Check Out Brian Wesbury's Latest Piece in the Wall St. Journal
Behind the Global Growth Slowdown

'Austerity' isn't the problem. Eurozone governments are spending more now as a share of GDP than before the crisis.

Global stock markets are falling, and most of the blame is placed on Europe. German factory orders fell 5.7% in August, real GDP is stagnant or falling in many European countries, Standard & Poor's has downgraded France to AA from AA+, and the International Monetary Fund and the Organization for Economic Co-operation and Development are reducing growth estimates.

All of this is setting off a cascade of fear and pundits are begging governments to "do something." Yet this is not like the panic of 2008, and the slowdown in Europe is not new news; instead it is the "old normal."

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Posted on Wednesday, October 15, 2014 @ 8:51 AM

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