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As Predicted, Austerity Policies Send US Economy Downward


US Politics & Gov't  (tags: austerity, obama, Democrats, Republicans, corporate-government, oligarchy, elites, class-warfare, stagnation, poverty, financial hardship, working-class, control, people power, people vs corporations, people vs government )

Brian
- 537 days ago - commondreams.org
"As if the lessons of recent European policies weren't enough or a century of proven economics, the US trudges towards stagnation and financial pain... by choice."



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Comments

Kit B. (277)
Thursday January 31, 2013, 11:23 am

I agree with the analysis in the article but the most recent information shows only a slight decline.
 

Pat A. (117)
Friday February 1, 2013, 1:32 am
"Warnings about the dangers of austerity have been growing louder in recent months, even from sources that conventionally applaud austerity regimes. In October, the International Monetary Fund issued a report concluding that global policymakers had dramatically underestimated the significance of government spending during a recession. As a result, lawmakers expecting modest drags from austerity instead saw their economies plunge back into a devastating recession. The United Kingdom, where unemployment now stands at 7.7 percent, has experienced a triple-dip recession. In Spain and Greece, unemployment is over 25 percent, with savage humanitarian consequences: HIV infections in Greece are up by over 1,500 percent since the austerity campaign began in 2010."

I do know about the UK economy - and that the imbecilic Tory 'cut cut cut' obsession - and their obsession with letting multinationals off paying 20 billlion in taxes - has done this to us. They patently have no grasp of economics and a contempt for history (the latter can teach us so much) - if they looked at how FDR got America out of the 1920-30s recession they could have not tortured people so.
 

Brian M. (145)
Friday February 1, 2013, 10:08 am
Pat, you are so right. We need a president that basically "channels" the policies of FDR, but what we have is a president who appears to be possessed by Ronald Reagan.
 
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