Writing on The American Spectator website, Acton Research Director Samuel Gregg looks at the strange notion of European fiscal “austerity” even as more old continent economies veer toward the abyss. Is America far behind?

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On The American Spectator, Acton Research Director Samuel Gregg observes that, “as evidence for the European social model’s severe dysfunctionality continues to mount before our eyes, the American left is acutely aware how much it discredits its decades-old effort to take America down the same economic path.” Against this evidence, some liberals are pinning the blame on passing fiscal and currency imbalances. No, Gregg says, there’s “something even more fundamental” behind the meltdown of the post-war West European social model. (Thanks to RealClearWorld for linking).

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German Chancellor Angela Merkel is congratulated in late September after the German parliament ratified key reforms of the eurozone's bailout fund

At National Review Online, Acton Research Director Samuel Gregg observes that “much of Europe’s political class seems willing to go to almost any lengths to save the euro — including, it seems, beyond the bounds permitted by EU treaty law and national constitutions.” Excerpt:

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Paul Krugman made the mistake of over-sharing this past weekend when he told CNN’s Fareed Zakaria he thinks that the United States economy would benefit from a military build-up to fight made-up space aliens. He’s been defended as being fed up with Republican obstructionism, being desperate to make a point, or even being wholly and completely correct. He’s entirely wrong though, and his thinking (what there is of it) is an example of the kind of depersonalized economics that has cost this country so much.

Read more on Krugman: Aliens Worth More to Economy than Men and Women (VIDEO)…

I introduced this week’s Acton Commentary yesterday with some thoughts about “The Audacity of Austerity.” In today’s “‘A’ for Austerity: The New Scarlet Letter,” I take to task the attitude embodied by Paul Krugman’s vilification of proponents of austerity measures.

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The title of this post borrows from a phrase I employ in the conclusion of tomorrow’s Acton Commentary on the prospects for austerity in America after today’s mid-term elections. (I can’t claim to have coined the term, since about 4,270 other instances of the phrase show up in a Google search, but I like it nonetheless.)

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