Tag Archive: Austerity


Daily Video 7.22.13

John Stossel – “Austerity”

 

 

Austerity Myth

 

 

 

 

” Europe’s struggles prove that “austerity” fails!

With a condescending sigh, they explain that Europe made deep cuts in government spending, and the result was today’s high unemployment. “With erstwhile middle-class workers reduced to picking through garbage in search of food, austerity has already gone too far,” writes Paul Krugman in The New York Times.

One problem with this conclusion: European governments didn’t cut! If workers pick through garbage, cuts can’t be a reason, since they didn’t happen.

Some European countries tried to reduce deficits by raising taxes. England slapped a 25 percent tax increase on the wealthy, but it didn’t bring in the revenues hoped for. Rich people move their assets elsewhere, or just stop working as much.

Iceland was hit by bank collapses — but government ignored street protests and cut real spending. Iceland’s budget deficit fell from 13 percent of gross domestic product to 3. Iceland’s economy’s is now growing.

Canada slashed spending 20 years ago and now outranks the U.S. on many economic indicators.

Around the same time, Japan went the other way, investing heavily in the public sector in an attempt to jump-start its economy, much as the U.S. did with “stimulus” under President Obama. The result? Japan’s economy stagnated.”

 

 

 

 

 

 

 

 

 

 

New Drug Called Sisa Is Killing Austerity-Hit Greek Youths

 

 

” A new and very cheap drug is killing Greek youth who no longer can see a future for themselves. Sisa is a form of crystal meth being mixed with filler ingredients such as battery acid and engine oil. It makes users violent and kills within six months.

 
Ever since the austerity crisis has hit Greece, drug use and alcohol abuse have been rising sharply, as have suicides. The larger cities, and especially Athens, are filled with homeless and impoverished people who often seek to escape their misery by taking refuge in drug induced stupor.

 

Enter the relatively new drug called sisa (pronounced as shisha) that arrived on the scene about two years ago and soon became the drug of choice because it’s the cheapest of them all — a hit costs less than 2 Euro ($2.50).

 

Easy to make at home, sisa is a deadly mix of crystal methamphetamine filled with the most weird and dangerous ingredients: battery acid, engine oil, shampoo and cooking salt. The Greek independent press eNet English has called it “cocaine of the poor” and the UK edition of Vice says its the “the epitome of an austerity drug.”

 

 

 

 

 

 

 

 

 

 

Austerity Kills Government Jobs as Cuts to Budgets Loom

 

sequester-cartoon-ramirez-3

 

 

The federal government, the nation’s largest consumer and investor, is cutting back at a pace exceeded in the last half-century only by the military demobilizations after the Vietnam War and the cold war.

The reductions are designed to be indiscriminate, cutting everything from air traffic control to nursery schools.

And the turn toward austerity is set to accelerate on Friday if the mandatory federal spending cuts known as sequestration start to take effect as scheduled. Those cuts would join an earlier round of deficit reduction measures passed in 2011 and the wind-down of wars in Iraq and Afghanistan that already have reduced the federal government’s contribution to the nation’s gross domestic product by almost 7 percent in the last two years.”

   Left unsaid in all this talk of sequestration , budget “cuts” and austerity is the fact that if this government cannot even find a way to scale back annual growth by a measly 2% without “catastrophic” consequences then ANY HOPE for getting the deficit under control and limiting the endless growth of government is hopeless . If this is in fact the case then we are doomed . You’d better brush up on your Chinese .

 

Illustration By Michael Ramirez

 

Ha ha ha . Look who’s talking fiscal responsibility …

  “President Obama’s spokesman warned the new socialist president-elect of France not to implement his campaign agenda of ending austerity measures, indicating that
such a reversal could damage the world economy. ”

That’s his job Francoise . Don’t you know he was there first .