Austerity policies have fuelled the fire of recession rather than stimulated growth. As a consequence nearly 5.5 million young people are now out of work in Europe and unemployment has reached crisis levels. This is the first of three papers that will examine austerity strategies in Europe and the US and assess their economic and social effects. Subsequent briefings will examine the importance of alternative policies to reconstruct the economy and the public sector.
The report has been prepared with assistance from the Don Dunstan Foundation and the Public Service Association of SA.