«Less than 10 years ago, many European nations suffered fiscal crises because of a combination of excessive spending, punitive taxes, and crippling debt.
The crises have since abated, largely because of direct and indirect bailouts. But the underlying policy mistakes haven’t been fixed.
Indeed, the burden of government spending has increased in Europe and debt levels today are much higher than they were when the previous crisis began.
Unsurprisingly, these large fiscal burdens have resulted in anemic economic performance, which helps to explain why middle-class French taxpayers launched nationwide protests in response to a big increase in fuel taxes.
The French President, Emmanuel Macron, capitulated.
But some have suggested that Macron’s problem is that he wasn’t sufficiently bold.
I’m not joking. Led by Thomas Piketty, a few dozen European leftists have issued a Manifesto for bigger government.»
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