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Mon Feb 15, 2016, 01:20 PM

 

Hillary is a strong Auterity advocate. Bernie is a fierce Austerity opponent


July 1, 2015
Here’s What Greek Austerity Would Look Like in America

Greece is in the middle of a fresh round of economic tumult as its leaders try to negotiate terms for a new bailout package to keep the country financially afloat. Since 2010, Greece has been receiving money from the European Union and the International Monetary Fund in exchange for agreeing to harsh spending cuts and tax increases. The steep cost-cutting measures, known as austerity, have become a common practice across Europe as the continent has struggled to regain its economic footing following the global financial crisis of 2008.

But Greece’s case has been especially extreme. With steep slashes to health funding, salaries and pensions along with huge tax increases, Greek unemployment has skyrocketed, as have the number of people in poverty. As of Tuesday night, Greece had defaulted on a $1.7 billion payment to the International Monetary Fund, and the financial future of the country is looking increasingly dire. Greece will have to agree to even more spending cuts to continue to receive funding.

To place the severity of Greece’s austerity measures over the last several years in perspective, here’s an idea for how the same types of cuts would impact the United States.

Greece’s minimum monthly wage was cut by 22% in 2012, from 751 euros to 586 euros. A similar cut in the U.S. would drop the hourly minimum wage from $7.25 to $5.66.

In 2009 and 2010 Greece implemented a variety of cuts to salaries for public sector workers that worked out to an average pay cut of about 15%. In the U.S. that would decrease the average government employee’s pay from $51,340 per year to $43,639, using 2012 figures.

Pension cuts have been an especially controversial pain point in Greece, and the combined cuts have lead to a 40% decrease in pension funding since 2009, according to the Associated Press. A similar drop in Social Security payouts in the U.S. would mean the average senior citizen’s monthly would mean a drop in Social Security payouts from $1,294 per month on average to $776 per month.

<snip>
http://time.com/3943337/heres-what-greek-austerity-would-look-like-in-america/

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Reply Hillary is a strong Auterity advocate. Bernie is a fierce Austerity opponent (Original post)
cali Feb 2016 OP
pangaia Feb 2016 #1
amborin Feb 2016 #2
R. Daneel Olivaw Feb 2016 #3
frazzled Feb 2016 #4
cali Feb 2016 #6
frazzled Feb 2016 #7
cali Feb 2016 #8
polly7 Feb 2016 #5

Response to cali (Original post)

Mon Feb 15, 2016, 01:23 PM

1. "Austerity" always has been a joke.

Austerity for the bottom. Gains for the top.

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Response to cali (Original post)

Mon Feb 15, 2016, 01:23 PM

2. austerity is a typical neo-liberal demand

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Response to cali (Original post)

Mon Feb 15, 2016, 01:38 PM

3. How Goldman Sachs Helped Create the Greek Debt Crisis

 

http://m.truthdig.com/report/item/how_goldman_sachs_profited_from_the_greek_debt_crisis_20150717

The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts.

The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein. Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it. And just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role.

In 2001, Greece was looking for ways to disguise its mounting financial troubles. The Maastricht Treaty required all eurozone member states to show improvement in their public finances, but Greece was heading in the wrong direction. Then Goldman Sachs came to the rescue, arranging a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap”—a complicated transaction in which Greece’s foreign-currency debt was converted into a domestic-currency obligation using a fictitious market exchange rate.


Do we really want corrupt Wall Street's darling, Hillary, as POTUS so they can continue their corrupt pracrices?

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Response to cali (Original post)

Mon Feb 15, 2016, 02:39 PM

4. How?

That's just a blatant lie. Where has Clinton proposed cuts to government workers or salaries or pensions?

Indeed:

Hillary Clinton has proposed about $1 trillion in new government spending programs (over the next 10 years) so far in her campaign for president. That headline number isn't in dispute. It includes big new initiatives to expand child care and preschool access, reduce the cost of college and rebuild American infrastructure. The estimated costs of those programs add up to a bit over $1 trillion, and Republicans are already criticizing Clinton for that price tag.


A trillion dollars of new government spending is not austerity. Austerity means cuts.

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Response to frazzled (Reply #4)

Mon Feb 15, 2016, 02:55 PM

6. What lie? This is about her support for austerity in Greece.

 

Bernie opposed it. She was a huge supporter.

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Response to cali (Reply #6)

Mon Feb 15, 2016, 03:07 PM

7. The article in the OP mentions nothing about Hillary Clinton

As Secretary of State, when she traveled to Greece, she supported Greece staying within the European Union rather than leaving it, and the then-current government, which had agreed to the EUs measures. That meant de facto supporting the EU requirements. Foreign policy is a lot more complex than Bernie Sanders understands. To oppose all of Europe has its own set of implications. Clinton was performing the administration's policy, not striking out on her own. So if you're also saying that Obama is an austerity hawk, yer nuts. He worked like a dog to get his stimulus bill passed, and worked like a dog again (and largely failed due to Republican obstructionism) to expand that stimulus with his massive Jobs and Infrastructure plan.

The OP remains HIGHLY misleading by suggesting that Clinton supports such austerity measures in the US. There is nothing ... zilch, nada ... in any of her proposals to support that misleading claim.

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Response to frazzled (Reply #7)

Mon Feb 15, 2016, 03:21 PM

8. Nothing misleading about it. She is a strong austerity backer.

 

She cannot be trusted.

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Response to cali (Original post)

Mon Feb 15, 2016, 02:46 PM

5. But, but ...... austerity works.

Ukraine was slated to be patterned after Greece, the 'test case' for austerity ......... it must be great, right?

Years of skyrocketing suicides, infant mortality, seizure of homes, businesses, 50% unemployment for youth - what's the problem?

“Yatsenyuk was saying that what the Greeks did to themselves we are going to do ourselves,” said Signorelli. “He wants to follow the Greek economic model. Who the hell wants to follow that?


http://www.forbes.com/sites/kenrapoza/2014/02/27/washingtons-man-yatsenyuk-setting-ukraine-up-for-ruin/#3c5f82d16b04

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4946360

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