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Tag: Austerity


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

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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

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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

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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

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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


Confusion

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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



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


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