Speaking to Stephen Colbert, Nobel Prize-winning economist Paul Krugman warned that Ireland, whose economy ended in recession last year and continues to falter, gives us a preview of the disastrous austerity that will be implemented here if Mitt Romney is elected president. Watch:
KRUGMAN: Ireland is Romney economics in practice. They’ve laid off a large fraction of their public workforce, they’ve slashed spending, they’ve had extreme austerity programs. They haven't really raised taxes on corporation or the rich at all. They have 14 percent unemployment, 30 percent youth unemployment, zero economic growth. Ireland is a demonstration. Ireland is America’s future if Romney becomes president. (h/t: Politico)
Indeed, Romney wants to slash spending at least 18 percent, according to his campaign website, as well as lay off more public workers and cut taxes further for the wealthy.