The Austerity Delusion

The Austerity Delusion

There are 7 comments on the www.foreignaffairs.com story from May 1, 2013, titled The Austerity Delusion. In it, www.foreignaffairs.com reports that:

The results of Europe's experiment with austerity are in and they're clear: it doesn't work.

Unable to take constructive action toward any common end, the U.S. Congress has recently been reduced to playing an ongoing game of chicken with the American economy. The debt-ceiling debacle gave way to the “fiscal cliff,” which morphed into the across-the-board cuts in military and discretionary spending known as “sequestration.” Whatever happens next on the tax front, further cuts in spending seem likely. And so a modified form of the austerity that has characterized policymaking in Europe since 2010 is coming to the United States as well; the only questions are how big the hit will end up being and who will bear the brunt. What makes all this so absurd is that the European experience has shown yet again why joining the austerity club is exactly the wrong thing for a struggling economy to do.

Join the discussion below, or Read more at www.foreignaffairs.com.

hellsbells

United States

#1 May 2, 2013
So it's back to spending their grandkid's future like there's no tomorrow? What "doesn't work" is socialism. Sure, when you finally get around to paying for it, it hurts like hell. What's so surprising about that?

Go out and spend money on your own personal credit card. Feels great, doesn't it? Buy whatever you want, do whatever you want... it's like a dream come true!

But then you start to get into financial trouble. People start to realize you're not going to be able to keep this insanity up. So you have to cut back and spend less. Sucks doesn't it? Just empty wine bottles, a lot of crumpled party hats, popped balloons and soggy confetti.

It's like any other hangover after a huge bash. WTF did you think finally being responsible would feel like?

Dumbasses.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#2 May 3, 2013
hellsbells wrote:
So it's back to spending their grandkid's future like there's no tomorrow? What "doesn't work" is socialism. Sure, when you finally get around to paying for it, it hurts like hell. What's so surprising about that?
Go out and spend money on your own personal credit card. Feels great, doesn't it? Buy whatever you want, do whatever you want... it's like a dream come true!
But then you start to get into financial trouble. People start to realize you're not going to be able to keep this insanity up. So you have to cut back and spend less. Sucks doesn't it? Just empty wine bottles, a lot of crumpled party hats, popped balloons and soggy confetti.
It's like any other hangover after a huge bash. WTF did you think finally being responsible would feel like?
Dumbasses.
And you were where during the Reagan and Bush II borrow-and-apend sprees?

Now, we need to deficit spend to restart the economy. Those two borrowed and spent to cripple the economy while playacting at recovery .
Imom

West Chicago, IL

#3 May 3, 2013
Mr_Bill wrote:
<quoted text>
And you were where during the Reagan and Bush II borrow-and-apend sprees?
Now, we need to deficit spend to restart the economy. Those two borrowed and spent to cripple the economy while playacting at recovery .
A lot of people were arguing against it and trying to actually reform the tax code, I know I was. Just because Reagon and Bush did something wrong does not give Obama a free hand to make his own mistakes. Or should Obama be held to "special" standards and not judged as harshly as other leaders?

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#4 May 3, 2013
Imom wrote:
<quoted text>A lot of people were arguing against it and trying to actually reform the tax code, I know I was. Just because Reagon and Bush did something wrong does not give Obama a free hand to make his own mistakes. Or should Obama be held to "special" standards and not judged as harshly as other leaders?
Correct economic policy is not "special rules."

You borrow to start the economy, and pay back when it is booming.
Clinton left it booming; bush left it super-bust.

Even Obama's mistakes, like 'cash-for -guzzlers' helped to recover, although I think the money could have been better spent.
You are blinf=ded by your predjudice against Obama, which makes you stupid.
Imom

West Chicago, IL

#5 May 3, 2013
Mr_Bill wrote:
<quoted text>
Correct economic policy is not "special rules."
You borrow to start the economy, and pay back when it is booming.
Clinton left it booming; bush left it super-bust.
Even Obama's mistakes, like 'cash-for -guzzlers' helped to recover, although I think the money could have been better spent.
You are blinf=ded by your predjudice against Obama, which makes you stupid.
I have no more problem with Obama then I had with Bush, Clinton or Reagon. As for correct economic policy- so far I have not seen the government follow one in my life time. If you think the government in the last 40+ years as followed a correct economic policy you are the stupid one.
hellsbells

United States

#6 May 3, 2013
Mr_Bill wrote:
<quoted text>
And you were where during the Reagan and Bush II borrow-and-apend sprees?
Now, we need to deficit spend to restart the economy. Those two borrowed and spent to cripple the economy while playacting at recovery .
During Reagan the truth is that the Dems fooled him by promising to make cuts, but then they didn't. As for Bush the RINO, who cares? He was just another liberal spending like there's no tomorrow. The principle remains the same: you can't spend your way into prosperity. It's basic common sense. No amount of economic mumbo-jumbo & wishful thinking changes that.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#7 May 6, 2013
hellsbells wrote:
<quoted text>
During Reagan the truth is that the Dems fooled him by promising to make cuts, but then they didn't. As for Bush the RINO, who cares? He was just another liberal spending like there's no tomorrow. The principle remains the same: you can't spend your way into prosperity. It's basic common sense. No amount of economic mumbo-jumbo & wishful thinking changes that.
Wrong, and wrong.

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