Everyone was right. They were screwy, but still better than expected.

An employer tells his employees what will happen to them if Barack Obama is re-elected.

Here’s an old, but still valid post:

Lots and lots of papers* have now studied this question and the evidence is rather clear: the types of austerity that are most-likely to a) cut the debt and b) not kill the economy are those that are heavily weighted toward spending reductions and not tax increases. I am aware of not one study that found the opposite. In fact, we know more. The most successful reforms are those that go after the most politically sensitive items: government employment and entitlement programs. Lastly, there is evidence that markets react positively when politicians signal their seriousness by going against their partisan inclinations. In other words, the most credible spending reductions are those that are undertaken by left-of-center governments. So slash away, Mr. Obama!

My emphasis. But don’t hold your breath on that one.

…is an abject, miserable failure.