Austerity Pushes Europe Into Its Second Recession In Four Years

Posted in the Minneapolis Forum

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Bob Schmahl

Minneapolis, MN

#1 Dec 7, 2012
Continuing efforts to cut spending and reduce deficits have driven the Eurozone into its second recession in just four years, as its economy shrank for the second consecutive quarter. Struggling countries like Spain, Greece, Portugal, and Ireland are still pursuing deficit reduction to rein in their debt, cutting spending to the bone to do so. The spending cuts have driven unemployment to record levels and threatened the continent with a recession that became official during the last quarter, Bloomberg reports:


The euro-area economy was pushed into a recession for the second time in four years as trade slowed and government spending declined.

Gross domestic product in the 17-nation currency bloc slipped 0.1 percent in the third quarter from the previous three months, when it fell 0.2 percent, the European Union’s statistics office in Luxembourg said today, confirming an initial estimate published on Nov. 15.

Eurozone unemployment reached 26 percent in September. The youth unemployment rate has topped 50 percent and resulted in a “lost generation” for the continent’s young adults. Still, the pursuit of austerity continues.

Lawmakers around the world have ignored the European lesson, though. Australia’s growth slowed last quarter as its government pursued deficit reduction, and in the United States, the so-called “fiscal cliff” brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe, even with ample proof that the U.S.’s original preference toward stimulus was more effective than the austere European approach.
Bob Schmahl

Minneapolis, MN

#2 Dec 7, 2012
Thanks to Barack Hussein Obama, America will be the 2nd coming of Greece.
Amused Slew

Seattle, WA

#3 Dec 7, 2012
Brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe...
Bob Schmahl

Minneapolis, MN

#4 Dec 7, 2012
Amused Slew wrote:
Brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe...
Dim wit. It was Obama that stood up there and said no cuts to any entitlement programs and taxes had to be raised only on the upper 2%. He is the one that is inflexible. Screw him. Let the fiscal cliff come.
Bob Schmahl

Minneapolis, MN

#5 Dec 7, 2012
Dim wit. Boner is crying his eyes out and waving a white flag.
ist

Duluth, MN

#6 Dec 7, 2012
Bob Schmahl wrote:
Continuing efforts to cut spending and reduce deficits have driven the Eurozone into its second recession in just four years, as its economy shrank for the second consecutive quarter. Struggling countries like Spain, Greece, Portugal, and Ireland are still pursuing deficit reduction to rein in their debt, cutting spending to the bone to do so. The spending cuts have driven unemployment to record levels and threatened the continent with a recession that became official during the last quarter, Bloomberg reports:
The euro-area economy was pushed into a recession for the second time in four years as trade slowed and government spending declined.
Gross domestic product in the 17-nation currency bloc slipped 0.1 percent in the third quarter from the previous three months, when it fell 0.2 percent, the European Union’s statistics office in Luxembourg said today, confirming an initial estimate published on Nov. 15.
Eurozone unemployment reached 26 percent in September. The youth unemployment rate has topped 50 percent and resulted in a “lost generation” for the continent’s young adults. Still, the pursuit of austerity continues.
Lawmakers around the world have ignored the European lesson, though. Australia’s growth slowed last quarter as its government pursued deficit reduction, and in the United States, the so-called “fiscal cliff” brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe, even with ample proof that the U.S.’s original preference toward stimulus was more effective than the austere European approach.
Recession is still better than total economic collapse.

The next time you find yourself in crippling debt or out of a job, go buy a few Armani suits and see how that 'stimulus' helps you.

Enough blaming responsible conservatives who warned against this for the past 80 years. Irresponsible spending got us here. Its amazing to me how many of you want to double down and think it will save us.

Remember, before 'austerity' was forced onto these countries, they tried to tax the rich and it didn't work.
http://greece.greekreporter.com/2012/12/05/go...
http://www.nytimes.com/2012/11/12/business/gl...
http://www.guardian.co.uk/commentisfree/2012/...
http://www.cato-at-liberty.org/greeces-proble...
http://www.advoco.es/advice/8-personal-tax/99...
http://www.rte.ie/news/2012/1031/portugal-tax...

Why are they out of money?
http://www.ekathimerini.com/4dcgi/_w_articles...

Not only do you want to model our government after theirs, you want our solutions to fail as well. Well on the last election you got your wish. You can't blame the republicans any more. This is on you.
ist

Duluth, MN

#7 Dec 8, 2012
Bob Schmahl wrote:
Thanks to Barack Hussein Obama, America will be the 2nd coming of Greece.
It isn't just Obama, its the entire portion of the community that doesn't understand responsible economics. We are a nation of people leaving far beyond our means, and when the bill comes due, we beg for credit and extend our credit limit every few years. Its like maxing out our credit cards so we don't have to cancel cable television. Its foolish and this country will collapse because we can't or won't listen to reason.
ist

Duluth, MN

#8 Dec 8, 2012
*living
Amused Slew

Seattle, WA

#9 Dec 8, 2012
I preferred leaving, but now that bushwhacker's gone we need compromise and the right was working against the president last term.... Admit your mistake and move on morons...
goose

Wilson, NC

#10 Dec 9, 2012
Brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe...
Bob

Minneapolis, MN

#11 Dec 9, 2012
goose wrote:
Brought on by Republican-demanded spending cuts is threatening the country with a bigger austerity package than those that have been implemented in Europe...
Brought on by Obama being unwilling to treat all citizens equally and saying entitlement programs are off the table.
Idiot Le Dumbo

Minneapolis, MN

#13 Dec 9, 2012
Bob Schmahl wrote:
All Americans ARE treated equally - they are taxed according to their ability to pay, as it should be.
If you pay 50% in taxes and I pay nothing, that is not equal you dumb shyt. Here is what has happend in the past 4 years:

To each according to thier needs, from each according to their abilities.

Karl Marx 1865
Barack Obama 2012
ist

Duluth, MN

#14 Dec 9, 2012
You can't even learn the lessons from Europe's mistakes, how will you all listen to reason? Its psychotic. You are doing exactly what Europe and Greece did and are expecting a different result.

The rich don't have borders. They will move away or move their money into shelters as they have been doing since 2008. The tax evaders in Greece won't be prosecuted, they will leave, just like rich Americans will. The small percentage we gain if all of them paid higher taxes still would not be enough to close any deficit gap, and you will get even less than that when they use all possible means to evade paying.

You think this wave of new liberalism in the world is in response to evil or something inspirational. The wave of irresponsible 'progressive' and 'socialist' ideas took hold decades ago. This foolishness has reached its boiling point.

The inevitable economic collapse certainly isn't going to be caused by the side that's demanding responsible spending.
ist

Duluth, MN

#15 Dec 9, 2012
Four people share an apartment.

The most successful of them pays 60% of the rent, the working class room mate pays the rest, the unemployed room mate pays nothing and the fourth not only pays nothing but draws assistance from the landlord that increases the overall rent debt.
Is it fair to say the person paying 60% is 'not paying their fair share'?

The most fiscally irresponsible party has gained power under the 'social fairness' umbrella and you fools can't see the warning signs. Its sad that careful scrutiny of political issues has given way to blind allegiance to party, made worse by demagogues who incite intense hatred for opposing views.

This country is finished.
Bob Schmahl

Minneapolis, MN

#16 Dec 9, 2012
To put it in language you'll understand, you are a couple fries short of a Happy Meal, ist.

The rich have being paying a larger portion of taxes in the US for a long time, and it's time for them to start paying a bigger share, which is still not even close to what the ruich paid in the 1950's and 1960's.
Idiot Le Dumbo

Minneapolis, MN

#17 Dec 9, 2012
Bob Schmahl wrote:
To put it in language you'll understand, you are a couple fries short of a Happy Meal, ist.
The rich have being paying a larger portion of taxes in the US for a long time, and it's time for them to start paying a bigger share, which is still not even close to what the ruich paid in the 1950's and 1960's.
Half of the tax payers in this country pay no Fed Income Tax. Your tax the rich scheme has nothing to do with getting rid of the deficit, or balancing the budget. It is just losers like you being jealous of those that have been successful.
Bob Schmahl

Minneapolis, MN

#18 Dec 9, 2012
Wrong. It is about what is right and what is wrong.
Idiot Le Dumbo

Minneapolis, MN

#19 Dec 9, 2012
Bob Schmahl wrote:
Wrong. It is about what is right and what is wrong.
Yes it is. Half of the tax payers paying nothing is WRONG!
Idiot Le Dumbo

Minneapolis, MN

#21 Dec 9, 2012
You are an idiot. They pay nothing in Fed Income Taxes. As for the rest of the taxes, everyone pays the same.
Idiot Le Dumbo

Minneapolis, MN

#22 Dec 9, 2012
The Millionaires Who Pay the Highest Tax Rate

Published: Friday, 23 Nov 2012
By: Robert Frank CNBC Reporter & Editor

Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.

But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.

According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that's more than four times that of the middle class.

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