Economy

nytimes.com
December 22, 2011
Rachel Donadio
http://www.nytimes.com/2011/12/23/world/europe/italy-passes-40-billion-austerity-plan.html?ref=business

Summary-
    Italy has taken some drastic new measures in order to get its financial situation under control, and to avoid having similar problems to those of Greece. These actions are being taken to avoid an economic collapse in Europe, and include reinstating property taxes as well as taking steps to ensure that people do not avoid paying taxes they already technically should pay. The measures are facing serious opposition from a number of people.

Connection-
    The world's economy is tied closely together in the modern age, and just as the recession in America has affected the world, European problems can have a huge affect on America. The American government may have to adjust to new economic strain. This connects to class through discussions about how the state of the economy is often blamed on the incumbent in presidential elections, and so tough times will often turn people against the current president whether it be his fault or not. If Europe continues to have problems, this may affect who leads the United States, and in turn affect the policies created on everything including the economy.

Personal Reaction-
    It would appear that Europe is getting its act together, but only time will tell if it can happen quickly enough. If investors are not appeased soon, Europe could have problems regardless of whether or not they have resolved internal issues.