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mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 02:39 PM
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How the Austerity Class Rules Washington
from The Nation.

....an allegedly centrist coalition of politicians, wonks and pundits who are considered indisputably wise custodians of US economic policy. These very serious people, as New York Times columnist Paul Krugman wryly dubs them, have achieved what University of California, Berkeley, economist Brad DeLong calls intellectual hegemony over the course of the debate in Washington, from 2009 until today.

-snip-

Its members include Wall Street titans like Pete Peterson and Robert Rubin; deficit-hawk groups like the CRFB, the Concord Coalition, the Hamilton Project, the Committee for Economic Development, Third Way and the Bipartisan Policy Center; budget wonks like Peter Orszag, Alice Rivlin, David Walker and Douglas Holtz-Eakin; red state Democrats in Congress like Mark Warner and Kent Conrad, the bipartisan Gang of Six and whats left of the Blue Dog Coalition; influential pundits like Tom Friedman and David Brooks of the New York Times, Niall Ferguson and the Washington Post editorial page; and a parade of blue ribbon commissions, most notably Bowles-Simpson, whose members formed the all-star team of the austerity class.

-snip-

....The balanced solutions they advocate are often wildly out of step with public opinion and reputable economic policy, yet their influence endures, thanks to an abundance of money, the ear of the media, the anti-Keynesian bias of supply-side economics and a political system consistently skewed to favor Wall Street over Main Street.

Taken together, the various strands of the austerity class form a reinforcing web that is difficult to break. Its think tanks and wonks produce a relentless stream of disturbing statistics warning of skyrocketing debt and looming bankruptcy, which in turn is trumpeted by politicians and the press and internalized by the public. Thus forms what Washington Post blogger Greg Sargent calls a Beltway Deficit Feedback Loop, wherein the hypothetical possibility of a US debt crisis somewhere in the future takes precedence over the very real jobs crisis now.


http://www.thenation.com/article/164073/how-austerity-c...
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Sarah Ibarruri Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 02:48 PM
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1. They're not very austere when it comes to redesigning our country to benefit the mega-rich nt
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Kaleko Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 02:54 PM
Response to Reply #1
2. "Austerity" is a euphemism for social genocide.
It's all about population control. The 1% don't need 6.9 billion wage slaves to live the good life and rule the world.
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jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 03:15 PM
Response to Original message
3. I posted this last week with not a lot of reads unfortunately. Huge K&R!
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mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 03:38 PM
Response to Reply #3
4. I missed it (I think, been under a lot of pressure lately).
Sorry or I would have kept it kicked. Thanks.
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Kaleko Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 11:17 PM
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5. Kick
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woo me with science Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 11:57 PM
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6. K&R nt
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