Interesting chart from the Economist. Note the Brits are much less supportive of spending cuts as they are actually experiencing the pain of an austerity program. In other countries austerity is more of a concept than a reality.
The Economist also points out,
The biggest change in sentiment can be seen in the euro area. In 2009 only 8% of Italians thought their government was spending too much compared to 49% who now want it cut. In Portugal and Spain nearly one-third of those asked two years ago thought that too little was being spent, an opinion now held by only a fraction of that.
Let’s see how this chart looks in a year or two when austerity programs in many of these countries start to bite.
It is also important to internalize this data into your macro view of the sources of potential global demand. Politics matter.
(click here if chart is not observable)
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