Comment 81250

By Undustrial (registered) - website | Posted September 26, 2012 at 00:19:46

What I find most interesting about Reaganomics and related ideas is how often they tend to be stated as fact in the 'news' section of the paper and 'theory' in the business section. Having watched the business press pretty closely over the last year or so, I'm still shocked by their honesty in these matters. Economists like Paul Krugman (NYT) have painstakingly dismantled "austerity" arguments countless times, but to hear about it you'd have to go looking, and probably require some background in economics. If you just read the big news stories and op-eds, though, you'd think this lunacy was some kind of consensus.

"Austerity" just doesn't work. Look at Europe at the moment - austerity programs have destroyed the Greek economy and are leading Spain, Italy and Portugal down a similar path. Britain's austerity attempts were quickly met by a nationwide slip back into Recession, and even Germany is starting to sputter. The constant mantra of "more cuts" has done nothing to stop this constant economic train-wreck, and have wrought considerable political chaos.

Those who wish to push austerity on Canada need to be reminded of these facts, before they send us spiralling down this path too.

"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford

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