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EU debt increasing, even with austerity

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In yet another sign of trouble for the wisdom of harsh fiscal austerity (along with the CNN report), Commerzbank has noted the destructive impact of austerity. The story by conservatives that austerity cures all problems is proving false, just as many liberal economists stated from the beginning. It doesn't work that way and there are no solid examples to show it working in modern history either. The Democrats need to ramp up the discussion on austerity and its human cost because it's ugly. Read more about the Commerzbank report via CNBC:In a note to clients, analysts at Commerzbank said data is now clearly showing that government debt in the euro zone’s periphery is rising, despite the imposition of tough austerity at the behest of the International Monetary Fund, the European Central Bank and the European Union. Following data showing Portuguese debt rose in the first quarter of 2012, Christoph Weil, the chief economist at Commerzbank says it is unlikely Lisbon will meet its targets without even more spending cuts.

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