European, US Austerity Drive is Suicidal: Nobel Economist Stiglitz

Europe is headed down the same path that most Republicans -- and many Democrats -- are suggesting for the US: reductions in the public sector, cuts in benefits, slashing investments in infrastructure and education.

Austerity is suicidal public policy warns US economist Joseph Stiglitz.Nobel Prize-winning U.S. economistJoseph Stiglitz speaking in Vienna, Austria Thursday night said that it's a suicidal path for Europe -- and that such a policy has never worked in any large country.