Today the president delivers a major economic address at Knox College in Galesburg, Illinois against a background of a growing consensus among economists throughout the world that the GOP's brand of "trickledown" economics is a complete failure wherever it is tried.
For several years the same "cut deficits at any cost, austerity for the poor and middle class" economics that is espoused daily by the Republican Party in the U.S, has swept the capitals of Europe. It has been a disaster. GDP in the Euro-area dropped in 2012 and continued to decline in 2013.
At last week's meeting of the G-20 finance ministers -- whose governments oversee 90 percent of the world economy -- there was a clear consensus on the need for robust fiscal stimulus in order to spur worldwide economic growth and a rejection of austerity.
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