Southern Europe Could Learn From Ireland - WSJ.com
The entire article is worth a read; but, a trenchant quote (that government's are ignoring at their peril.
"...Spending cuts and tax increases drive GDP down faster than the deficit, causing the deficit:GDP ratio to rise rather than fall. These measures are being imposed on economies with rigid labor markets, no history of entrepreneurial innovation, high taxes, and regulations that strangle their private sectors. That is not to say that the roles played by governments should not be reduced: They should. But without growth-inducing reforms, all the cutting will continue to be for naught..."
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