If you are a journalist or a commentator and you have ever uttered or written the word “austerity,” I hope you spend some time with this chart:
Vero offers some excellent comments here:
These countries still spend more than pre-recession levels
France and the U.K. did not cut spending.
In Greece, and Spain, when spending was actually reduced — between 2009–2011 — the cuts have been relatively small compared to the size of bloated European budgets. Also, meaningful structural reforms were seldom implemented.
As for Italy, the country reduced spending between 2009 and 2010 but the data shows [an] uptick in spending 2011. The increase in spending represents more than the previous reduction.