Austerity measures in Europe have been the topic of a heated and mostly confused debate in the economic world. During the May summit of the leading industrial nations at Camp David, German chancellor Angela Merkel and other European leaders pushed for continued European austerity. Keynesian critics argue that these policies destroy economic growth.

Hope springs eternal among policy makers in Europe’s beleaguered periphery. At five minutes to midnight in Athens, and with a bank run having started in Madrid, these policy makers cling to the forlorn hope that somehow Germany is going to relent on its strong opposition to euro bonds.

AEI's John Makin examines the consequences of German deflationary policies and Greece's probable exit from the eurozone in the latest Economic Outlook.

After five years of wrenching economic recession, one has to wonder what it will take for Greece to cut itself loose from the failed IMF and EU policies that have reduced the country to its present terrible economic pass.

President Barack Obama has been on a tour of college campuses touting proposals to lower student loan repayments for college graduates. He hopes to rekindle the enthusiasm of young voters, who in 2008 favored him over Sen. John McCain by more than two-to-one.

Ironically, these same young Americans...

The American economy is experiencing a crisis in long-term unemployment that has enormous human and economic costs.

Greece's economic and political unraveling could not be coming at a worse moment for President Obama. The crisis has the potential to send shock waves not simply through Europe but also through global financial markets on the very eve of the U.S. presidential election.

In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.