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Tag: Austerity

ssoosay (CC BY 2.0)

Where the Opposition Is Going

As austerity pushed by Britain’s Tory government whittles away jobs and benefits and increases poverty and despair, many Brits are asking where the resistance is. Journalist Laurie Penny knows: “There was resistance, and it was brutally and systematically put down.”

Posted on Apr 4, 2013 READ MORE

L'Orso Sul Monociclo (CC BY 2.0)

The Confirmed Insanity of Austerity

Austerity threw the 17 countries that use the euro back into recession in the third quarter of 2012. As a result, unemployment is expected to rise 12.2 percent, leaving half of young people in Spain and Greece without jobs, and public debts—the expressed target of the reductions—are growing as well.

Posted on Mar 19, 2013 READ MORE

Flickr/Tony Alter

Ryan’s Regressiveness Redux

Republicans lost the election but they still shape what’s debated in Washington—the federal budget deficit and so-called fiscal responsibility.

Posted on Mar 11, 2013 READ MORE

Obama and GOP Snow Angels

Posted on Mar 10, 2013 READ MORE

GOP Austerity Swamp

Posted on Mar 10, 2013 READ MORE

sillygwailo (CC BY 2.0)

Starbucks CEO Compels Workers to Do Political Bidding

The coffee company’s chief executive, Howard Schultz, conscripted “countless low wage workers into the austerity army” in asking his Washington, D.C.-area employees to promote the billionaire-backed Fix the Debt campaign by scrawling the words “Come Together” on customers’ cups.

Posted on Mar 5, 2013 READ MORE

Flickr/401(K) 2013

Austerity and the Threat to Democracy Around the World

The “sequester” is actually, of course, the American form of austerity, or cutbacks in government spending during a recession. Austerity, or stingy government in Europe has kept employment extremely depressed compared to what it would have been with government stimulus, as Paul Krugman argues.

Posted on Mar 4, 2013 READ MORE


Sequestration Nation, and Remembering Robert Kennedy

With the sequester now beginning, I find myself thinking about Robert F. Kennedy—and 46 years ago when I was an intern in his Senate office. 1967 was a difficult time for the nation. America was deeply split over civil rights and the Vietnam War. Many of our cities were burning. The war was escalating.

Posted on Mar 4, 2013 READ MORE

Two Rats, One Mind

Scientists connected the brains of a pair of rodents—one in Brazil, the other in North Carolina—via computers; an Italian jeans maker has trademarked the word “Jesus” thus holding exclusive rights to clothes bearing Christ’s name; meanwhile, a police officer is on trial in New York on suspicion of planning to rape, torture and cannibalize women. These discoveries and more after the jump.

Posted on Mar 1, 2013 READ MORE

Europe After 3 Years of Austerity

Posted on Mar 1, 2013 READ MORE

While Republicans Warn Against ‘Greece,’ That Is Exactly Where Austerity Budgeting Will Lead U.S.

Indebted America is in danger of turning into destitute Greece, or so congressional Republicans and conservative commentators have been warning us for years now. For many reasons, this is an absurd comparison—but it may not always be quite so ridiculous if Washington’s advocates of austerity get their way.

Posted on Feb 28, 2013 READ MORE

Rand Paul Gives Money to Treasury, McCain Gets Heckled at Town Hall, and More

A look at the day’s political happenings, including a prominent Republican’s endorsement of same-sex marriage and the fight over the looming sequester heats up on Twitter.

Posted on Feb 22, 2013 READ MORE

Eric Vernier (CC BY-SA 2.0)

Greek Unions Hold Strike Against Austerity Policies

Greeks are resisting a combination of government spending cuts and tax hikes—which some believe will result in an unemployment rate of 30 percent—imposed by international bailout creditors.

Posted on Feb 20, 2013 READ MORE

What’s Working in Ecuador

Ecuadorean President Rafael Correa responded to recession in his country with increased spending on education, health care and infrastructure, and the economy is rebounding fantastically.

Posted on Feb 19, 2013 READ MORE

Budget Report Proves Krugman Right, Coulter Says ‘Screw You’ to Obama, and More

A look at the day’s political happenings, including a Republican flip-flop on immigration reform and Chris Christie pokes fun at himself on “The Late Show with David Letterman.”

Posted on Feb 5, 2013 READ MORE

Gruenemann (CC BY 2.0)

The Politics of Debt in America

In 2013, you can’t actually be jailed for not paying your bills, but ingenious corporations, collection agencies, cops, courts and lawyers have devised ways to ensure that debt “delinquents” will end up in jail anyway. With one-third of the states now allowing the jailing of debtors (without necessarily calling it that), it looks ever more like a trend in the making.

Posted on Jan 30, 2013 READ MORE

Randy Son of Robert (CC BY 2.0)

The Anti-Economist: Misleading American History

By ignoring the historic role government played in enabling economic growth, the prevailing myths about how the U.S. became prosperous allow lawmakers, officials and lobbyists to craft policies that prevent the majority of Americans from taking their rightful share of the national wealth, Jeff Madrick writes in Harper’s Magazine.

Posted on Jan 29, 2013 READ MORE

Krugman on Austerity: ‘How Many Times Do People Like Me Have to Be Right?’

The New York Times columnist has consistently been a strong voice in the argument against making dramatic spending cuts in tough economic times. On Monday, Krugman was once again forced to defend his position during a discussion about the current financial crisis on MSNBC’s “Morning Joe.”

Posted on Jan 28, 2013 READ MORE

GOP Catfishing the Public

Posted on Jan 28, 2013 READ MORE

pixelasso (CC BY-SA 2.0)

The New Extremism

The debate in both Washington and the mainstream media over austerity measures, the alleged fiscal cliff and the looming debt crisis not only function to render anti-democratic pressures invisible, but also produce what the late sociologist C. Wright Mills once called “a politics of organized irresponsibility.”

Posted on Jan 25, 2013 READ MORE

DonkeyHotey (CC BY 2.0)

The Trillion Dollar Coin: Joke or Game-Changer?

The trillion dollar coin represents one of the most important principles of popular prosperity ever conceived: the creation of money by sovereign governments, debt-free.

Posted on Jan 18, 2013 READ MORE

Economist Galbraith on Why Public Welfare Programs Are Sustainable

Is there ever a good time to cut “entitlements”—the code word used by austerity hawks to refer to and demean publicly funded social welfare programs—host Andrew Ross Sorkin asked University of Texas economist James K. Galbraith on CNBC’s “Squawk Box” on Friday.

Posted on Jan 18, 2013 READ MORE

AP/Rich Pedroncelli

A Temperature Check From Sen. Sanders

“Despite such terminology as ‘fiscal cliff’ and ‘debt ceiling,’ ” writes Sen. Bernie Sanders, I-Vt., “the great debate taking place in Washington now has relatively little to do with financial issues. It is all about ideology.”

Posted on Jan 9, 2013 READ MORE

The National Guard (CC BY 2.0)

Political Football Over Disaster Relief: Another Argument for Public Banking

As the legislature’s latest scrapping over a $60 billion Hurricane Sandy relief bill shows, disaster victims are now being expected to shoulder relief expenses that used to be shared publicly.

Posted on Jan 4, 2013 READ MORE

Life of Greece

Posted on Dec 26, 2012 READ MORE

dps (CC BY 2.0)

Fiscal Cliff? Let’s Call Their Bluff

Taxpayers and governments that are pushed too far have been known to resort to radical policy measures, and there are some on the table that could fix the problem at its core.

Posted on Dec 20, 2012 READ MORE

LadyDragonflyCC <3 (CC BY 2.0)

The Archeology of Decline

“Debtpocalypse” looms. Depending on who wins out in Washington, we’re told, we will either free fall over the fiscal cliff or take a terrifying slide to the pit at the bottom. Grim as these scenarios might seem, there is something confected about the mise-en-scène, like an un-fun Playland. After all, there is no fiscal cliff, or at least there was none—until the two parties built it.

Posted on Dec 4, 2012 READ MORE

Flickr/Gage Skidmore

Krugman Derides ‘Pathetic’ GOP Fiscal Cliff Offer

The Nobel Prize-winning economist puts specifics offered by Senate Minority Leader Mitch McConnell through some harsh analysis.

Posted on Dec 2, 2012 READ MORE

Fiscal Cliff

Posted on Dec 1, 2012 READ MORE

Flickr/Marcus Grätsch

Organizing Walmart: Why Austerity Economics Hurts Low-Wage Workers the Most

What does the drama in Washington over the “fiscal cliff” have to do with strikes and work stoppages among America’s lowest-paid workers at Walmart, McDonald’s, Burger King and Domino’s Pizza? Everything.

Posted on Dec 1, 2012 READ MORE

Flickr/Fortune Live Media

CEO’s Demand Austerity to Fix Budget, Not End to Corporate Welfare

A group of corporate CEOs that contributed to the burgeoning deficit crisis want the poor and elderly to largely pay for the mess the greedy Wall Street fat cats helped create.

Posted on Nov 26, 2012 READ MORE


Posted on Nov 23, 2012 READ MORE

kevin dooley (CC BY 2.0)

What Capitalists Want for Christmas

A group of CEOs led by Macy’s Terry Lundgren calling itself the Fix the Debt coalition is hoping for a deficit-busting austerity budget this holiday season—not a program to create American jobs.

Posted on Nov 22, 2012 READ MORE

Ondrej Kloucek (CC BY-SA 2.0)

Recession in the Eurozone: Round 2

Recession has returned to the eurozone for the second time since the financial crisis began in 2008. The region’s GDP fell by 0.1 percent in 2012’s third quarter, which followed a 0.2 percent contraction in the previous three months.

Posted on Nov 15, 2012 READ MORE

The Growing Global Movement Against Austerity

Amaia Engana didn’t wait to be evicted from her home. On Nov. 9, in the town of Barakaldo, a suburb of Bilbao in Spain’s Basque Country, officials from the local judiciary were on their way to serve her eviction papers. Amaia stood on a chair and threw herself out of her fifth-floor apartment window, dying instantly on impact on the sidewalk below.

Posted on Nov 15, 2012 READ MORE

Anti-Austerity General Strike Sweeps Europe

Millions of Europeans are protesting spending cuts and tax increases during a continent-wide general strike that comes days after a 53-year-old woman in Spain committed suicide as she was about to be evicted.

Posted on Nov 14, 2012 READ MORE


Forget ‘Fiscal Cliff,’ Call It an ‘Austerity Bomb’

Brian Beutler at Talking Points Memo seems to have coined the term last spring. Paul Krugman thinks it’s a better way to talk about the coming budget crisis, as it asserts that too little spending—rather than too much—is the the cause of the danger.

Posted on Nov 14, 2012 READ MORE

sorriso-per-te (CC BY-ND 2.0)

The Roof Comes Off the Parthenon: Greek Austerity Details Leaked

Rumors of budget cuts have been trickling out for the last four months. Now a 94-page draft memorandum, yet to be officially released, appears to detail Greece’s new austerity measures in full.

Posted on Oct 24, 2012 READ MORE

kenteegardin (CC BY-SA 2.0)

The Entitlement Crisis That Isn’t

An article by author and economist Jeff Madrick in the November issue of Harper’s Magazine offers an antidote to the view that social spending—not anemic tax revenues—is the cause of America’s deficit problem, and argues that such policies are adopted only out of “political deference to the rich and powerful.”

Posted on Oct 23, 2012 READ MORE

jmayrault (CC BY 2.0)

Hollande Urges Germany to Reconsider Crisis Response

On the eve of a eurozone summit that will consider a unified continental budget, French President Francois Hollande said that his half of the Paris-Berlin crisis team will insist on an easing of German leader Angela Merkel’s hard push for “austerity and the surrender of national powers to tighten fiscal discipline,” The Guardian reports.

Posted on Oct 17, 2012 READ MORE

Aster-oid (CC BY 2.0)

Austerity Is a Way to Build a Europe for the Rich

Leftist Greek lawmaker Alexis Tsipras says austerity for his country and other hurting European nations is a form of blackmail intended to build a new Continental economy based on cheap labor, deregulation, reduced public spending and tax benefits for the wealthy.

Posted on Oct 9, 2012 READ MORE

Country Bumpkin Cakes (CC BY 2.0)

France Unveils ‘Combat’ Budget

French President Francois Hollande announced a $47 billion economic recovery plan Friday that will raise more than $25 billion from tax increases with the help of a 75 percent “supertax” on incomes of more than $1.3 million a year.

Posted on Sep 29, 2012 READ MORE

AP/Nikolas Giakoumidis

Austerity Deal Sparks Massive Greek Anger

Up to 200,000 Greeks took to the streets Wednesday during a general strike that paralyzed the country, marking the public’s first major confrontation with Athens’ 3-month-old coalition government.

Posted on Sep 26, 2012 READ MORE

SnowViolent (CC BY 2.0)

Creditors Demand Six-Day Workweek for Greece

A leaked letter from Greece’s lenders—the European Commission, the European Central Bank and the International Monetary Fund—orders the country to introduce a six-day workweek as part of a package of austerity demands for a second bailout.

Posted on Sep 5, 2012 READ MORE

DonkeyHotey (CC BY 2.0)

Eurozone Headed for a New Recession

The eurozone is headed for another recession as its economic output shrinks again in 2012’s third quarter, economists say.

Posted on Aug 23, 2012 READ MORE

activefree (CC BY 2.0)

Goldman Sachs to Invest Millions in Inmate Rehabilitation

Goldman Sachs has announced its intention to invest $9.6 million in a prisoner rehabilitation program at New York City’s notorious Rikers Island jail in a move that could net the company a $2.1 million return.

Posted on Aug 4, 2012 READ MORE

zeevveez (CC BY 2.0)

Population Booms in West Bank

Israeli spending on West Bank settlements has increased 38 percent under Prime Minister Benjamin Netanyahu, and the population of Jewish residents there has doubled in a dozen years.

Posted on Jul 31, 2012 READ MORE

megoizzy (CC BY-SA 2.0)

Let Them Eat Sports

As public sector jobs, education, health insurance and social welfare programs crumble amid the specter of economic austerity, the British government has spent more than $14 billion on preparations for the 2012 Olympic Games—far more than the $4 billion that was estimated a few years ago.

Posted on Jul 26, 2012 READ MORE

heipei (CC BY-SA 2.0)

British Health Workers Feel the Pain

Amid a $31-billion budget crisis, thousands of British doctors and nurses will lose their jobs unless they agree to accept lower salaries, longer working hours and other conditions, according to a leaked document obtained by The Sunday Times.

Posted on Jul 18, 2012 READ MORE

NASA GSFC/Jacques Descloitres and Ana Pinheiro

The Pain in Spain Falls Mainly on the Plain (Folk)

As Spain’s prime minister announced deep austerity cuts Wednesday in order to secure funds from the European Union to bail out Spain’s failing banks, the people of Spain have taken to the streets once again for what they call “Real Democracy Now.”

Posted on Jul 11, 2012 READ MORE

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