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Tag: Austerity

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



danielle_blue

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



striatic

More Cuts and Pain Coming to Spain

In exchange for a eurozone bailout of $123 billion, Spain’s conservative government Wednesday slashed $80 billion from its budget over the next two and a half years through a combination of sales tax hikes and spending cuts. That’s in addition to $92 billion dropped by the country’s previous administration.

Posted on Jul 11, 2012 READ MORE



Irargerich (CC BY 2.0)

Stockton Goes Bankrupt

Stockton, Calif., a city of nearly 300,000, is slated to become the largest U.S. city ever to file for bankruptcy after the City Council approved a new budget that calls for defaulting on debt payments and slashing millions in pay and benefits for employees and retirees.

Posted on Jun 27, 2012 READ MORE


‘Left, Right & Center’: My Big Fat Greek Tragedy

Bankers are bracing for international financial chaos as Greek voters head to the polls to decide on an austerity plan that could kiss the euro bye-bye. But that’s not the only major world event happening, with Egypt’s military tossing the recent Democratic elections aside as it dissolves the country’s parliament.

Posted on Jun 15, 2012 READ MORE


Hollande Meets Merkel

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Posted on May 16, 2012 READ MORE


Raining on Obama’s Gay Pride Parade

Last time on Truthdig Radio in association with KPFK: Scott Tucker disrupts the celebration of Obama’s gay marriage announcement; the Green Party candidate; Robert Scheer and Sergei Plekhanov; austerity check; and the class politics of parking tickets.

Posted on May 15, 2012 READ MORE



Photo illustration from an image by Colin Grey (CC-BY)

Raining on Obama’s Gay Pride Parade

Last time on Truthdig Radio in association with KPFK: Scott Tucker disrupts the celebration of Obama’s gay marriage announcement; the Green Party candidate; Robert Scheer and Sergei Plekhanov; austerity check; and the class politics of parking tickets.

Posted on May 15, 2012 READ MORE


Obama’s American Exceptionalism

The Obama administration has chosen a distinctly American path that kept austerity at bay. As a result, the American economy has climbed out of the Great Recession more quickly than most of Europe.

Posted on May 10, 2012 READ MORE


Hollande & Merkel

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Posted on May 8, 2012 READ MORE



Photo by (CC-BY-SA)

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


Disabled Euro

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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


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