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November 26, 2015
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Tag: Austerity

AP/Petros Giannakouris

A 21st Century Left Rises: Syriza’s Victory and Its Relevance for the U.S. and the World

A question looms large in the wake of the Greek elections: Can democracy defeat the rule of the 1 percent?

Posted on Jan 27, 2015 READ MORE

Greeks Respond to Syriza’s Election Victory

Voters across Athens, from Golden Dawn diehards to pragmatic communists, shared their thoughts and feelings as Greece’s anti-austerity Syriza party swept to victory in Sunday’s elections.

Posted on Jan 26, 2015 READ MORE

‘We Are Going to Destroy the Greek Oligarchy System’

Yanis Varoufakis, tipped to become finance minister of what may become Greece’s leading party, describes what Syriza will do if it takes power.

Posted on Jan 25, 2015 READ MORE

Greece’s Solidarity Movement: ‘A Whole New Model—and It’s Working’

There are accounts of Greeks pulling together to support themselves and each other ahead of an election that polls predict will result in a leadership firmly opposed to austerity policies imposed by the European Union.

Posted on Jan 23, 2015 READ MORE

Authoritarianism, Class Warfare and the Advance of Neoliberal Austerity Policies

Capitalism has learned to create host organisms and in the current historical conjuncture one of those organisms is young people.

Posted on Jan 11, 2015 READ MORE

EU Showdown: Greece Takes on the Vampire Squid

The Greeks have been threatened by the European financial troika with a “Cyprus-Style prolonged bank holiday” if they “vote wrong” in an upcoming presidential election that looks likely to favor the EU-skeptic, anti-austerity, leftist Syriza party. But they have been bullied for too long and are saying “no more.”

Posted on Jan 10, 2015 READ MORE

Study: IMF Austerity Helped Ebola Kill Nearly 8,000 People

Professors at three leading British universities say International Monetary Fund policies favoring the repayment of international debts over social welfare spending contributed to the Ebola crisis by inhibiting an effective response by health care professionals in the three worst-hit African countries.

Posted on Jan 1, 2015 READ MORE

‘The Most Powerful Woman in the World’

A New Yorker profile of German Chancellor Angela Merkel depicts a shrewd politician cut to the shape of leadership in our age: bland, personally reserved and entirely uninterested in challenging the prevailing neoliberal order.

Posted on Nov 27, 2014 READ MORE

Three Decisive Events for Europe in the Week Ahead

On Sunday, parliamentary elections in Ukraine and “stress tests” and reviews conducted by the European Central Bank will “determine the entire continent’s direction for years ahead,” financial economist Anatole Kaletsky writes at Reuters.

Posted on Oct 24, 2014 READ MORE

Austerity-Hit Britons Have Sex Less Than Once a Week

A British Observer survey found that the average British adult has sex just four times a month, a drop from a 2008 figure of seven times a month, prompting questions of whether the change has anything to do with the ongoing economic doldrums.

Posted on Sep 28, 2014 READ MORE

1000 Words /

Neo-Liberal Austerity Keeps Europe Down

Given the current dismal state of the European Union economy, which is now firmly under German control, one must ask why Angela Merkel and her government continue to champion austerity, seemingly against all reason.

Posted on Aug 26, 2014 READ MORE

Spanish Police Arrest 24 in Madrid After Anti-Austerity Protest

Spanish police detained 24 people during street violence late Saturday after a large anti-austerity demonstration in Madrid in which dozens were injured.

Posted on Mar 24, 2014 READ MORE

Greek Austerity: Don’t Try This at Home!

Ironically, the very New Deal legacy that austerians work to euthanize in the U.S. is the chief thing that has prevented the country’s economy from completely crashing.

Posted on Feb 28, 2014 READ MORE

Monopoly’s Poster Children

Economist Michael Hudson talks about how the economic crisis, austerity, U.S. economic policy and decisions made by local political parties shaped Ireland’s economy.

Posted on Feb 17, 2014 READ MORE

The True Actor

Jacinto Lucas Pires’ award-winning novel, “The True Actor,” is the perfect illustration of writer Pedro Mexia’s statement: “Portugal is traveling through a black tunnel where the light at the end is merely a train about to crash into it.”

Posted on Feb 14, 2014 READ MORE

Congress Passes $8.7 Billion Food Stamp Cut

Across the country, 850,000 households are set to lose an average of $90 per month in food stamp benefits, thanks to American lawmakers.

Posted on Feb 6, 2014 READ MORE

Germany Prepares for Third Greek Financial Rescue

More austerity cuts are coming to Greece as Germany signals a plan to deliver a third rescue package for the debt-stricken country.

Posted on Feb 3, 2014 READ MORE

Iker Merodio (CC BY-ND 2.0)

Irish Compliance Yields Eurozone Bailout Exit

Three years after international lenders loaned Ireland $92.7 billion to recover from its part of the international economic crisis, the country is the first afflicted eurozone state to exit its rescue program.

Posted on Dec 14, 2013 READ MORE

Because: The English Language’s Newest Preposition

Linguists are recognizing that, thanks to the Internet, “because” has jumped from being a conjunction to a preposition; probiotics may help cure depression; meanwhile, if Europe’s austerity is an indicator of America’s future, neo-facism is on its way. These discoveries and more after the jump.

Posted on Nov 20, 2013 READ MORE

Google the Advertising Giant

Mostly due to revenue from ads, the Web firm will rake in $60 billion this year, making it bigger than both the newspaper and magazine industries; the hypocrisy of British Prime Minister David Cameron announcing extended austerity from a golden throne sickened more than one; meanwhile, The New York Times is losing talent left and right. These discoveries and more after the jump.

Posted on Nov 14, 2013 READ MORE

landmarkmedia /

David Cameron’s Surprise: Permanent Austerity

Back in 2010, the British PM began slashing the country’s budget on the promise that temporary cuts were necessary to reduce the deficit and right the economy. Another recession soon followed.

Posted on Nov 11, 2013 READ MORE


Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE

kevin dooley (CC BY 2.0)

The Bank Guarantee That Bankrupted Ireland

When the indomitable Irish spirit is awakened, organized and mobilized, the country could become the poster child not for austerity, but for economic prosperity through financial sovereignty.

Posted on Nov 2, 2013 READ MORE

woodleywonderworks (CC BY 2.0)

$5 Billion Cuts in Food Stamps Effective Friday

Charities and food activists have warned for months that the expiration of stimulus funds for food stamps Friday will affect every U.S. household that depends on them.

Posted on Nov 1, 2013 READ MORE

insane photoholic (CC BY 2.0)

Austerity Muzzles Wall Street Regulators

American austerity is finally having one of its deep, pernicious effects in the service of runaway capitalists—preventing government regulators from regulating due to inadequate funds.

Posted on Nov 1, 2013 READ MORE

Breast Milk Protein Fights HIV

Scientists have discovered why only a small percentage of babies contract HIV when breastfed by mothers who have been infected with the virus; Taiwan’s new police uniforms are extremely frightening; and David Petraeus is using his new position in academia to promote profiteering health care and fracking industries. These discoveries and more after the jump.

Posted on Oct 28, 2013 READ MORE

Neil T (CC BY-SA 2.0)

Did Austerity Kill a Little Girl?

As many government services remain unavailable, a bereaved father blames Philadelphia’s resource-starved school district for failing to save his asthmatic daughter’s life.

Posted on Oct 14, 2013 READ MORE

AP/John D. Carnessiotis

Death of Artist Unites Greek Hip-Hop Community Against Fascism

The stabbing of Greek rapper Pavlos Fyssas by a sympathizer of Greece’s most prominent extreme right party earlier this month has led to the arrest of the group’s leadership and the unification of once bitterly opposed rap artists against racism and violence.

Posted on Sep 30, 2013 READ MORE

Teknecolor (CC BY-NC-ND 2.0)

Greece’s Birthrate Decreases as Austerity Measures Increase

The number of live births has fallen by a whopping 10 percent in Greece in the last four years as the country suffers the worst economic conditions in the entire European Union, and continues to exercise austerity in order to receive loans from the likes of the European Bank and the IMF.

Posted on Sep 18, 2013 READ MORE

Duda Arraes (CC BY-ND 2.0)

Cries for Economic Independence on Brazil’s Independence Day

People protesting corruption, poor public services and a corresponding heavy tax burden disrupted a Rio de Janeiro military parade Saturday celebrating Brazil’s independence day. Five people were injured and 10 were arrested in the clash.

Posted on Sep 7, 2013 READ MORE

OhioProgressive (CC BY 2.0)

Are You Aware of These Secret Taxes on the Poor?

Local and state governments having a hard time making ends meet are “quietly taxing a group even more cash-strapped than they are: the poor,” writes Leah A. Plunkett at Salon.

Posted on Sep 6, 2013 READ MORE

Pensiero (CC BY-NC-ND 2.0)

Austerity Making It Harder to Cheat on Your Wife

Summer used to be the season of infidelity in Italy. Now, with the European Union enforcing strict measures as a result of the economic crisis, affairs are no longer so simple to maintain.

Posted on Aug 27, 2013 READ MORE

Joe Crimmings Photography (CC BY-ND 2.0)

Obama’s Master Class in Demagogy 101

The aim of the president’s Knox College speech on Wednesday was to wrap the economic program he has been working out with Wall Street investment bankers in democratic rhetoric. It was an exercise in political stealth.

Posted on Jul 27, 2013 READ MORE

AP/Kostas Tsironis

Ignoring the Social Costs of Austerity Is Dangerous for Greek Leaders

The financial governing authorities classed as the “troika” are obsessed with budget targets rather than human needs, and needs are what protests underway in Greece on Tuesday are all about, writes Helena Smith, Greek correspondent for The Guardian.

Posted on Jul 16, 2013 READ MORE

RL Hyde (CC BY-SA 2.0)

Not ‘A Shred of Evidence’ to Support Reinhart and Rogoff

The Harvard professors who led much of the Western world into austerity with their 2010 paper “Growth in a Time of Debt,” debunked in April by a University of Massachusetts grad student, have taken another hit, this time from two economists with the University of Michigan.

Posted on May 31, 2013 READ MORE

sdpurtill (CC BY 2.0)

Marching in Chicago: Resisting Rahm Emanuel’s Neoliberal Savagery

Chicago Mayor Rahm Emanuel’s current attempt to close down 54 public schools largely inhabited by poor minorities is one more example of a savage, racist neoliberal system that uses the politics of austerity and consolidation to further disenfranchise unskilled youths in the inner city.

Posted on May 24, 2013 READ MORE

archer10 (Dennis) (CC BY-SA 2.0)

Hell on Earth for Greeks

Greek victims of austerity are increasingly being forced to sell their bodies for cheap in horrific squalor and to escape painful reality with a new street drug.

Posted on May 22, 2013 READ MORE

dev null (CC BY-SA 2.0)

How America Became a Third World Country: 2013-2023

The streets are much darker now, since money for streetlights is rarely available to municipal governments. The national parks began closing down years ago. Reports on bridges crumbling or even collapsing are commonplace. It’s 2023—and this is America 10 years after the first across-the-board federal budget cuts known as sequestration went into effect.

Posted on May 22, 2013 READ MORE

Economic Murder: How and Why Austerity Kills

Austerity has caused more than 10,000 suicides (including the married couple pictured above) and as many as 1 million additional cases of depression across Europe and the United States, economist David Stuckler and physician Sanjay Basu estimate. Those findings are discussed in their new book, “The Body Economic: Why Austerity Kills.”

Posted on May 21, 2013 READ MORE

Flickr/401(K) 2013

The Real Cost of Austerity

A new study paints a sobering picture of the negative consequences austerity is having on the U.S. economy (and shows once more that New York Times columnist Paul Krugman, a consistent voice against austerity, is right).

Posted on May 7, 2013 READ MORE


Krugman Exposes the Hypocrisy of Fiscal Conservatives

In his latest column for The New York Times, the Nobel Prize-winning economists notes that before President Obama took office in 2009, seven of the 10 previous presidents left the Oval Office with debt ratios lower than when they entered it. The three who did not: Ronald Reagan, George H.W. Bush and George W. Bush.

Posted on May 6, 2013 READ MORE

Nanagyei (CC BY 2.0)

The Hungry British Public

Neoliberalism and its brand of response to economic crisis, austerity—both legacies of the recently deceased former Prime Minister Margaret Thatcher—are creating a U.K. where one in five mothers regularly goes without food in order to feed her children.

Posted on May 6, 2013 READ MORE

Dam Austerity

Posted on May 1, 2013 READ MORE

Capitol Hill image via Shutterstock

Earth to Washington: Repeal the Sequester

What is Washington doing to fix the economy? Worse than nothing. It has now adopted the same kind of austerity economics that’s doomed Europe—cutting federal spending and reducing total demand. And the sequester doesn’t end Sept. 30. It takes an even bigger bite out of the federal budget next fiscal year.

Posted on Apr 29, 2013 READ MORE

The Economic Whodunit

The policy mystery of our time is why politicians in the United States and across much of the democratic world are so obsessed with deficits when their primary mission ought to be bringing down high and debilitating rates of unemployment.

Posted on Apr 28, 2013 READ MORE

A Policy in Search of a Proponent

Now that the foundations of austerity are crumbling because of an Excel coding error, few may be willing to champion the economic theory; sci-fi may become part of the mandatory reading list for West Virginia students; meanwhile, flamenco has become more than a dance—it’s a new way to protest the banks. These discoveries and more after the jump.

Posted on Apr 24, 2013 READ MORE

west.m (CC BY 2.0)

Will the Harvard Austerity Error End Economic Sadomasochism?

“It seems unlikely,” anthropologist and author David Graeber writes. “After all, as I and many others have long argued, austerity was never really an economic policy: ultimately, it was always about morality.”

Posted on Apr 22, 2013 READ MORE

Massachusetts Economists Discredit Influential Austerity Study

Economists from the University of Massachusetts appear to have debunked a Harvard paper that right-wing politicians have used to push economic austerity policies. The challengers explain where the Harvard economists went wrong in an interview with The Real News Network.

Posted on Apr 19, 2013 READ MORE

Shutterstock photo of the euro.

A Right and Proper Death of the Euro

A new “Alternative for Germany” political movement has erupted as a backlash against the euro, and against Germany’s fellow members of the EU.

Posted on Apr 17, 2013 READ MORE

Image via Shutterstock

Why This Is the Worst Recovery on Record

The biggest economic debate is between Keynesians (who want more government spending and lower interest rates in order to fuel demand) and supply-side “austerics” (who want lower taxes on the wealthy and on corporations to boost incentives to hire and invest, and who see government deficits crowding out private investment). Both approaches have problems.

Posted on Apr 16, 2013 READ MORE

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