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The Insanity of Austerity
Although austerity measures do not command the same attention that they did in the aftermath of the 2008 financial crisis, they are still central to the prevailing policy playbook. Worse, the longer that governments cling to this failed policy approach, the harder it will be to achieve sustainable, inclusive economic growth.
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WASHINGTON, DC – As finance ministers gather in Washington, DC, for the International Monetary Fund and World Bank Annual Meetings, most of the world’s population is bearing the burden of government budget cuts. For many of these individuals and households, living standards have deteriorated markedly over the past decade, and will continue to do so until economic policies are changed.