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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 2 February 2012 [View all]xchrom
(108,903 posts)50. Workers pay as prophets of austerity gain sway
http://www.irishtimes.com/newspaper/finance/2012/0131/1224311002338.html
Many economists have decided to forget for political reasons that austerity in the face of depression is a bad idea
LAST WEEK the National Institute of Economic and Social Research, a British think tank, released a startling chart comparing the current slump with past recessions and recoveries. It turns out that by one important measure changes in real GDP since the recession began Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British GDP had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.
Nor is Britain unique. Italy is also doing worse than it did in the 1930s and with Spain clearly headed for a double-dip recession that makes three of Europes big five economies members of the worse-than club.
Yes, there are some caveats and complications. But this nonetheless represents a stunning failure of policy. And its a failure of the austerity doctrine that has dominated elite policy discussion both in Europe and in the US for the past two years.
Many economists have decided to forget for political reasons that austerity in the face of depression is a bad idea
LAST WEEK the National Institute of Economic and Social Research, a British think tank, released a startling chart comparing the current slump with past recessions and recoveries. It turns out that by one important measure changes in real GDP since the recession began Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British GDP had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.
Nor is Britain unique. Italy is also doing worse than it did in the 1930s and with Spain clearly headed for a double-dip recession that makes three of Europes big five economies members of the worse-than club.
Yes, there are some caveats and complications. But this nonetheless represents a stunning failure of policy. And its a failure of the austerity doctrine that has dominated elite policy discussion both in Europe and in the US for the past two years.
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We watched that last night. Our littlest one made a "pop-up" groundhog in school yesterday
Roland99
Feb 2012
#31
Not to mention the fact that its "product" is useless, pointless, and can be harmful
Demeter
Feb 2012
#21
Affinity fraud; Fleecing the flock: The big business of swindling people who trust you
Demeter
Feb 2012
#10
Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe CA
Demeter
Feb 2012
#13
Holder & Obama’s Propaganda “Belied by a Troublesome Little Thing Called Facts” By William K. Black
Demeter
Feb 2012
#14
Attorney General Champs, Chumps, and Eric Schneiderman By Abigail Caplovitz Field
Demeter
Feb 2012
#18
But, just think of how hard it is to raise a billion bucks in campaign contributions!
Fuddnik
Feb 2012
#20
Oil down 1% to $96.61/bbl. Gas prices here about $0.25 shy last summer's highs.
Roland99
Feb 2012
#33
Actually OBama is much like FDR, FDR had one advantage, a HUGE Democratic majority in Congress
happyslug
Feb 2012
#57
Obama's Democratic Congress was no where near as left wing as the Congresses of the 1930s
happyslug
Feb 2012
#59