...The new IMF World Economic Outlook, says Paul Krugman, offers "grim warnings about the world economy, and also argued forcefully if discreetly that a big reason for the worsening outlook is that policy makers have gotten the basic economics wrong."
Looking at Western Europe and the US right now, in October 2012, and looking at the difference between economic policy in Europe -- "austerity" -- and economic policy hard fought for by Obama in America -- "stimulus" -- and we have cause to worry, not to say panic, at the thought of Romney becoming the president and Congress becoming a totally radicalized branch of government.
The economy is growing in the US, albeit slowly. Compare our slow growth with reports from around Europe of people sinking into jobless poverty, a result of the "austerity" policy Republicans would like to impose on all of us --- excluding, of course, the top 1%.
...Everything that has happened economically since the turn away from stimulus to austerity, from interest rates to inflation to output, has refuted the doctrine the GOP is pushing. Since there has of course been no concession of error, this does not bode well for the US economy if Romney wins. ...Paul Krugman