Tuesday, April 23, 2013

Austerity Does NOT Work



 
Austerity does not work to improve the economy. Instead, it increases poverty and inequality:

T. Raum and J. Agiesta (2013, April 20) Poll: Public Pessimism Increases: More Than Half of Americans Rate Economy as ‘Poor.’ The Arizona Republic p. D4
[Excerpted] ‘Only 1 in 4 Americans now expects his or her own financial situation to improve over the next year, an Associated Press-GfK poll shows. 
The downbeat public attitudes registered in the survey coincide with several dour economic reports showing recent slowdowns in gains in hiring, consumer retail spending, manufacturing activity and economic growth. Automatic government spending cuts…also may be contributing to the current sluggishness….[end]


Catan, T. & Talley, I. (2013, April 17). IMF Renews Push Against Austerity. The Wall Street Journal, p. A9.

[Excerpted] Seeking to keep a fragile global recovery on track, the IMF called on countries that can afford it – including the US and Britain – to slow the pace of their austerity measures. The fund warned that ‘overly strong’ belt-tightening in the US will slow growth this year. Across-the-board government spending cuts, known as the sequester, were the ‘wrong way’ to shrink the budget deficit... [end]

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1 comment:

  1. I agree. It is particularly sad when politicians can find out only after the fact that their policy had been ill-suited to the economic condition of their time. More sad still is when those politicians continue on, in denial,even as the verdict is coming in. For more analysis, pls see my essay at http://www.thewordenreport.blogspot.com/2013/04/does-austerity-work.html

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