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Tag: Austerity


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Elections Could Shift EU Away From Austerity, but Should They?

The weekend elections in France and Greece seem widely to have been taken, at least on the European and American left, as a solution to the great European economic crisis.

Posted on May 8, 2012 READ MORE


Robert Reich Explains the ‘Austerity Trap’

“When you have high unemployment and a lot of underutilized capacity, the idea is you cut public budgets? That’s insane. Because that leads to a shrinking of the entire economy, when the real problem is … the ratio of debt to the size of the economy overall,” says the former Labor secretary. “If you shrink the economy, that ratio becomes worse and worse.”

Posted on May 8, 2012 READ MORE



nosha (CC BY-SA 2.0)

Plutonomy and the Precariat: On the History of the U.S. Economy in Decline

After the first few years of the Great Depression there was a sense that “we’re gonna get out of it.” It’s quite different now. For many people in the United States, there’s a pervasive sense of hopelessness, sometimes despair. I think it’s quite new in American history. And it has an objective basis.

Posted on May 8, 2012 READ MORE



(CC-BY-SA)

Death to Austerity

Economic austerity is a dangerous, self-defeating intellectual fad. Perhaps I should say that’s what it was, given Sunday’s election results in Europe.

Posted on May 7, 2012 READ MORE



AP/Michel Spingler

France Goes With the Socialist

The austerity regime in Europe took a big hit Sunday, with French voters electing Socialist Francois Hollande, while the Greeks, also voting Sunday, handed out pink slips to the ruling centrist coalition that has slashed government spending on EU orders.

Posted on May 6, 2012 READ MORE



401K (CC BY-SA 2.0)

Gloom and Doom on the Global Job Front

In the wake of the 2008 crash and the widespread government-imposed austerity that followed, high levels of long-term and youth unemployment across the globe are in danger of becoming fixed, according to an annual report by the International Labor Organization.

Posted on Apr 30, 2012 READ MORE



Wikimedia Commons

Spanish Government Goes for Big Austerity Cuts

Remember when austerity sounded more like an obscure SAT word than cause for international economic panic? This time around, it’s the Spaniards who are feeling the pinch, as their government has announced major budget cuts for the year.

Posted on Mar 30, 2012 READ MORE



Glasto_2009 (CC-BY)

U.K. Falls Back Into Recession

Following Ireland’s recent slide into recession territory, the OECD, a Paris-based economic think tank, reports that the U.K.’s economic doldrums have returned.

Posted on Mar 29, 2012 READ MORE



Anuska Sampedro (CC-BY)

Spanish Workers Strike to Protest Reforms

Strikers all but halted road, rail and air services in Spain on Thursday as part of a one-day general strike against austerity measures imposed by Prime Minister Mariano Rajoy’s recently elected conservative government.

Posted on Mar 29, 2012 READ MORE



cobalt123 (CC-BY)

Ireland Is Pushed Back Into Recession

A 0.2 percent dip in GDP at the end of 2011, which followed a drastic decline in the third quarter, has thrown Ireland back into recession, alongside Belgium, the Netherlands, Italy, Portugal and Greece, and begs the question of whether austerity is the answer to Europe’s economic woes.

Posted on Mar 24, 2012 READ MORE



AP / Michael Probst

Greece Set for Second Bailout

Having pulled off the biggest debt restructuring deal ever, Greece is on track for yet another bailout. Meanwhile, the Greek government is also preparing to make yet another round of austerity cuts, which may involve lowering the nation’s minimum wage.

Posted on Mar 9, 2012 READ MORE



AP / Kostas Tsironis

Greek Unrest the Result of Suppressed Democracy

Denied a referendum on crippling austerity measures, Greeks demonstrated Sunday night that if they couldn’t express their opinions one way, then they would do it in another.

Posted on Feb 15, 2012 READ MORE



violet.blue (CC-BY)

Mormon Economics and the GOP

Mormonism is not the quintessential “American religion,” to use Tolstoy’s words, just because it got its start in upstate New York. The church has long embodied notions and practices that drive contemporary American capitalism. And those ideas, as author Chris Lehmann demonstrated last October in Harper’s Magazine, remain central to the shaping of national economic policy.

Posted on Feb 15, 2012 READ MORE



AP / Thanassis Stavrakis

Greeks ‘Cannot Take Any More’

Angry Greeks tried to torch Athens after parliament passed an austerity package Sunday. While European leaders continue to press for additional cuts, the Greek minister for citizen protection says the Greek people “cannot take any more ... we have reached the limits of the social and economic system.”

Posted on Feb 15, 2012 READ MORE



jamiehladky (CC-BY)

Critical, Reluctant and Desperate

Something interesting happens when hardworking, fiscally minded Americans find themselves on the public dole: They resent the government that lends a hand and feel guilty for accepting help. A major article from The New York Times documents the anxiety, frustration and confusion of a growing class of dependent Americans.

Posted on Feb 12, 2012 READ MORE



AP / Margarethe Wichert / dapd

S&P Downgrades and Banks: Threats to Global Stability

The markets weren’t shocked by last week’s wave of pre-broadcast S&P sovereign debt downgrades. For months, the question wasn’t “if” but “when.” And true to form, just as with the U.S. downgrade, S&P’s reasoning skated the surface of prevailing wisdom.

Posted on Jan 19, 2012 READ MORE



Zuccotti Park Reoccupied

Barricades in Zuccotti Park have finally come down, causing protesters to immediately reoccupy; in the face of budget cuts, some teachers opt to work for free; meanwhile, Kopimism, a new religion based on file-sharing, emerges. These discoveries and more after the jump.

Posted on Jan 10, 2012 READ MORE



counsellor (CC-BY)

Krugman: Austerity Still Doesn’t Work

Is anyone in the Obama administration listening to Paul Krugman? Maybe, says the Nobel Prize-winning economist, but only at the end of a year in which political insistence on the need to reduce short-term deficits with spending cuts slid the economy and much of the American public further into ruin.

Posted on Dec 31, 2011 READ MORE



Contando Estrelas (CC-BY)

More Austerity Coming to Spain

Spain announced a package of spending cuts and tax increases Friday after the new government said the budget shortfall is deeper than the outgoing administration had led it to believe. Meaningful structural reforms have yet to be proposed, and the full extent of the cuts is unlikely to be made known until after regional elections in late March.

Posted on Dec 31, 2011 READ MORE



AP / Geert Vanden Wijngaert

Brussels Summit Will Not Avert Eurozone Crisis

At the close of an economic summit that appears to have failed to rescue Italy, Spain and more of Europe from sinking deeper into a mire of recession, Guardian economics editor Larry Elliott prefigures the collapse of the euro as a unifying currency of the European Union. (more)

Posted on Dec 10, 2011 READ MORE


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Posted on Dec 3, 2011 READ MORE



AP / Lefteris Pitarakis

2 Million Brits Walk Out Over Pension Cuts

As many as 2 million British public sector workers went on strike Wednesday to oppose the government’s plans to increase revenue by digging into their hard-earned pensions. Just over one-quarter of the civil service walked out, including members of Prime Minister David Cameron’s staff.

Posted on Nov 30, 2011 READ MORE



DonkeyHotey (CC-BY)

On Deadline, No Sign of a Debt Deal

Talks between congressional leaders charged with coming up with a plan by Wednesday to cut the national deficit by $1.2 trillion have descended into squabbling and finger-pointing, suggesting that automatic cuts to domestic programs, Medicare and defense spending—rather than a mix of cuts and tax increases—are inevitable. (more)

Posted on Nov 20, 2011 READ MORE


‘Left, Right & Center’: End of an Era in Iraq and Libya

This was a big week in international news, with the death of Libyan leader Col. Moammar Gadhafi and President Obama’s announcement that U.S. troops will be leaving Iraq before 2012. And let’s not forget the latest unrest in Greece, stemming from the passage of a highly contested austerity bill by that country’s parliament. (more)

Posted on Oct 21, 2011 READ MORE



bbc.co.uk

Greek Parliament Passes Austerity Package

While the international media zoomed in on Libya on Thursday, another important story was unfolding in Athens, where two days of strikes and protests failed to sway parliament members from passing a bill of austerity measures the Greek government insisted was necessary to avoid an even more catastrophic economic mess.

Posted on Oct 20, 2011 READ MORE



how will i ever (CC-BY-SA)

Naomi Klein on Riots and Resistance

Britain’s riots were not political, we are assured, and looting is simply un-British, but “Shock Doctrine” author Naomi Klein takes a different view: From Iraq to Argentina, when corrupt elites pass the bill to the struggling masses, civil unrest is to be expected.

Posted on Aug 16, 2011 READ MORE



AP / Nick Ut

America Is a Spark Away From Riots of Its Own

The unrest tearing apart Britain greatly resembles that of the 1992 Los Angeles riots, and conditions across the U.S. could set off a new explosion of violence.

Posted on Aug 11, 2011 READ MORE



Wikimedia Commons

Financial Contagion and Other Ills

Governments on both sides of the Atlantic are making the same blind, stupid, ideological error: trying to rescue faltering economies with spending cuts. It doesn’t work, as John Maynard Keynes explained decades ago. (more)

Posted on Aug 7, 2011 READ MORE



White House / Pete Souza (with a notable modification)

Even Wall Street Hates the Debt Deal

The Dow Jones Industrial Average has plummeted by 760 points since the terms of the debt ceiling deal were announced Monday. If austerity was supposed to encourage economic growth, someone forgot to tell Wall Street. (more)

Posted on Aug 4, 2011 READ MORE



Flickr / Fresh Conservative

Let’s Unveil One for the Gipper

This Fourth of July, during a transatlantic Age of Austerity, roughly 2,000 people paid to attend a private celebration near the American Embassy in London’s Grosvenor Square, where a statue of Ronald Reagan was unveiled. (more)

Posted on Jul 4, 2011 READ MORE



Flickr / Zingaro. I am a gipsy too.

Greeks Waylay U.S. Ship in Gaza Flotilla

The Audacity of Hope, an American ship in the defiant Freedom Flotilla 2, tried to set sail for Gaza on Friday afternoon but was stopped by the Greek coast guard shortly after leaving port. (more)

Posted on Jul 1, 2011 READ MORE


Greece and EU Attempt to Avoid Disastrous Default

Athens in recent days has experienced continuing popular protest, sporadically violent, against the economic austerity program demanded of Greece by the IMF.

Posted on Jun 29, 2011 READ MORE



Wikimedia Commons

No Resolution Reached at Greek Austerity Summit

A group of Greek leaders fell short of reaching an agreement on Prime Minister George Papandreou’s austerity plan by week’s end, putting Greece on shaky ground in terms of the country’s chances of receiving more bailout funds from the IMF.

Posted on May 27, 2011 READ MORE



Flickr / Steve Rhodes

Workers of the World Unite for International Workers’ Day

Suffering austerity measures imposed by many of the world’s governments to deal with a shortage of public funds, workers and activists rallied around the globe May 1 to demand the creation of jobs, decent wages and improved working conditions.

Posted on May 1, 2011 READ MORE



Wikimedia Commons / ErgoSum88

First Wisconsin, Now Ohio

All that talk about Wisconsin being a potential test case for the rest of the country might be right, as now Ohio’s Senate is preparing for a vote this week that could end collective bargaining for public-sector workers in the name of—you guessed it—austerity.

Posted on Mar 1, 2011 READ MORE


Krugman
Wikimedia Commons / Prolineserver

Krugman: Kids Will Pay the Price for Spending Cuts

According to New York Times econo-whiz Paul Krugman, all this emphasis on austerity will not be good for posterity. In his latest column, Krugman slams the GOP for claiming to be all about the kids while stacking the deck against them with “draconian” budget cuts.

Posted on Feb 28, 2011 READ MORE



AP / Manu Fernandez

A Crisis Economy of Language

With the world economy still wallowing in crisis and social services being cut across poor and rich nations alike, it’s not surprising that the winner of Merriam-Webster’s annual “Top Ten Words of the Year” for 2010 is … austerity.

Posted on Dec 26, 2010 READ MORE



Flickr / Hector Lopez-Berges

Ailing Spanish Economy Seeks a Cure

Awash in debt and 20 percent unemployment, the Spanish government on Friday approved an austerity package aimed at reviving its moribund economy.

Posted on Dec 3, 2010 READ MORE



AP / Peter Morrison

Irish Take to the Streets

Tens of thousands of people took to the Irish streets Saturday to sound off against an IMF-backed austerity plan that would usher in deep spending cuts and higher taxes.

Posted on Nov 27, 2010 READ MORE


French Demonstrations Mark the End of an Era

It is not pension claims that are driving the current political uproar. It is popular fury at the people who created the present economic crisis and have been rewarded, with everyone else left to face the consequences.

Posted on Oct 20, 2010 READ MORE



AP / Manu Fernandez

Unemployment: It Ain’t Over Till It’s ... 2015

Those waiting for recovery from unemployment woes might have to wait a bit longer. The U.N.’s International Labor Organization has warned that it may take until 2015 for the global economy to bounce back to pre-crisis employment levels. Meantime, look for more social unrest of the kind now unfolding across Europe.

Posted on Oct 1, 2010 READ MORE



AP / Dolores Ochoa

Ecuador in State of Emergency

Add Ecuador to the list of countries whose people are letting their governments know that they’re not having the “austerity measures” officials are attempting to enact.

Posted on Sep 30, 2010 READ MORE



Flickr / World Economic Forum

Greek Protester Throws Shoe at Prime Minister

Possibly taking a cue about resistance from the beloved Iraqi journalist who chucked his shoes at George W. Bush back in 2008, a 49-year-old doctor has thrown a piece of his own footwear at Greek Prime Minister George Papandreou in protest of the government’s economic austerity measures.

Posted on Sep 11, 2010 READ MORE



boc.ca.gov

Technical Difficulties Bring Luck to Calif. Workers

California’s outdated technical infrastructure has made 200,000 state employees very, very happy. After an injunction by the governor to cut workers pay to the state’s $7.25 minimum wage, the state controller has successfully argued that such pay docking would be impossible given the state’s outdated payroll computer system.

Posted on Jul 16, 2010 READ MORE



Flickr / ICAEW Newsroom

Cutbacks Clip U.K. Anti-Terror Effort

Budget worries are sparking a new debate in Britain, with spending cuts taking aim at police services in what some see as a threat to the country’s anti-terror efforts.

Posted on Jul 2, 2010 READ MORE


ENTER_ALT_TEXT
Flickr / Center for American Progress

Snag in Jobs Bill Could Hit Struggling States

Strapped-for-cash states may be up the creek on this one: A jobs bill has stalled in the Senate, jeopardizing billions in federal aid to struggling states. Local and state officials are warning of layoffs in the hundreds of thousands and drastic spending cuts if the bill is not resuscitated.

Posted on Jun 26, 2010 READ MORE



AP / Gregorio Borgia

Italian Strike Shakes Up Country

Italy’s largest union has launched a nationwide strike, upending public transport and government services in protest over the government’s recent austerity measures.

Posted on Jun 25, 2010 READ MORE



youtube.com

Greeks Take to the Streets

Thousands of angry Greeks took to the streets on May Day, protesting a wave of wage cuts, tax increases and pension reductions implemented to deal with the country’s growing debt crisis.

Posted on May 1, 2010 READ MORE



AP / Petros Giannakouris

Greek Financial Crisis Hits Poor

The origins of Greece’s economic crisis lie with the recklessness of the rich, but the consequences are directly affecting the poor: A new poll shows that three-quarters of the Greek population believe that the current plans to cut the country’s budget deficit are “socially unfair.”

Posted on Apr 2, 2010 READ MORE


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