Yes, there is austerity

By R.A. | WASHINGTON

A FIERCE debate is raging within Europe over the question of austerity. Some argue that countries within the euro zone, and on the periphery especially, have no choice but to embrace savage budget cuts. Others point out that the crisis is about more than just budget deficits, that some countries have room to cut less, and that austerity across the euro-zone as a whole should be pursued at a slower pace.

And some, I'm somewhat stunned to find out, allege that there is no austerity. Veronique de Rugy posts a chart showing what appears to be just a tiny drop in spending across some euro-zone countries and no drop at all among others (Britain is thrown in, for good measure). Austerity is mostly a myth, she claims, and what austerity there has been has come from tax increases, which don't count. No less an authority than Tyler Cowen quickly gloms on to the argument.