I have a very serious question RE: Austerity

[nadinbrzezinski]

Outside of the word, do people defending this bill understand what it does, and how it slows down an economy?

I mean I am asking this in the geratest sincerity there is. The last time we tried any of this crap was during actually... FDR's presidency, when the GOP made the exact same arguments and got one in 1937. The next to last was under Hoover... and it made things far, FAR, worst.

I am really not going to bother explaining how this is bad. I think people should go research it. Yes, it is far preferable than a default... but not by much. But really, people should go research this, and why Austerity Programs never grow up economies. I used to explain things, but I have concluded this is one of those things that people will have to live through... and the lean times... they are really coming.

[HereSince1628]

1. EVERYONE knows austerity breeds austerity

Everyone also knows Obama's election hangs on a jobs recovery.

Hence the FAA stalemate.

The R's have made it clear there will be no Keynesian stimulus to bring about job recovery, and they have made it clear that the folks with the money will not be giving it to people in need.

[C_U_L8R]

2. The Austerity of Nope

Austerity versus Hope - there's a campaign

(but i think we all want a bit more than just a hope... this time)

[Ruby the Liberal]

3. Wall Street already registered their opinion of Austerity today.

PIMCO's El Arian announced that they were downgrading their outlook (to be even more negative than it was) today because of it. Debt Ceiling increase was priced in to trading algos and methodologies. Austerity being added wasn't.

[nadinbrzezinski]

4. I know they did, but those are the few people who get it

mostly it will directly impact them. No, I am not too upset Raytheon will get hit... but they will fire people... who will not be able to buy stuff... and so it goes.

[Ruby the Liberal]

7. Exactly. Raytheon et all has a first priority to shareholders. By law.

But, do remember, they are 'people' too.

Thanks for starting this discussion. :thumbsup:

[Name removed]

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[valerief]

5. They should call it a Vulgarity program instead of Austerity. nt

[nc4bo]

6. If people have been paying attention to countries like Greece AND perhaps if our M$M

were to call the spade a spade (austerity) than perhaps more people would begin to put 2 and 2 together.

Clever that the word Austerity has not been mentioned but the actions speak for themselves don't they?

Wikipedia has now listed the United States, 2011 under the paragraph titled "Examples of Austerity".

[Ruby the Liberal]

8. Nice Wiki edit, whoever you were.

:rofl:

[StarsInHerHair]

9. I wrote how austerity has sunk the UK into a double dip that likely can turn into Depression

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1634989 <----here.


& "austerity" means poverty, severe Scrooge-like saving


& let me add that Iceland has taken a good approach, look at what they did & how well they're doing now, contrast that with the European countries that idiotically chose Hooverism-I mean, austerity.

[nadinbrzezinski]

11. Notice something else, when was the last time it was seriously

tried? The 1930s. Most people alive today, I'd hazard... have no memory of it. (At least in the US... those of us who have seen this in the developing world know why it is to fear it)

[DemReadingDU]

15. Within my circle of family and friends

None believe anything like a depression could be coming to America. They have told me that there are regulations in place to prevent it. I've been told I'm obsessed with doom and gloom.

But I read several websites and I am convinced we will be living some terrible nightmares. As I read somewhere else, think of what is coming as a camping trip that never ends.

I suppose if people really enjoy camping, they will see what's coming as an adventure.

[nc4bo]

14. Is the austerity position one that is strongly suggested/forced onto a country

or is it voluntary measures taken by a country and if "voluntary" is there some institution (like the IMF) that is doing the "suggesting".

Is it that there is some unknown or unnamed outside threatening going on like; either you implement these cuts yourself or we'll force your hand?

For example, POTUS is privy to some information not known outside certain financial circles?

NOt sure if what I'm saying makes any sense, just trying understand it best I can. I'm fully aware we're in deep doo-doo, just wondering out loud how deep it really is.

[nadinbrzezinski]

16. Third Way Democrats believe in it as much as

Republicans and they are bringing to the US what smells like an IMF light program.

[nashville_brook]

12. Wall St and the pols representing Wall St think "austerity" is their ticket to total privatization

drown it in the bathtub, etc etc.

Obama and the Dems who voted for this negotiated the deal THEY wanted. it wasn't a matter of weakness, and the proof of this will come as their fundraising numbers are revealed. dollars to donuts, Obama will out-raise the rest of the field. they'll reward him for supporting their position.

[nadinbrzezinski]

13. Yep, there is that, but I fear brass tacks to brass tacks

though we are using the same language, we are not. And many of the fans of this really do not understand what the term means. Remember, the last time it was tried it was also used to privatize the little public property that was there.

[Obamanaut]

17. "Austerity" will not rear it's ugly head in the presidential campaign, only

in individual American households:

http://www.washingtonpost.com/wp-dyn/content/article/2010/12/12/AR2010121203181.html

“Obama's reelection campaign could hit billion-dollar mark”

<snip> He raised and spent $750 million in the 2008 campaign, and there is already speculation that the cash-collection operation for his 2012 reelection bid will crest the once-unimaginable sum of $1 billion raised.<more at link>

[nc4bo]

18. From who?

Those big dollar donors I'm sure is where the majority of his contributions come from.

He'll probably have success with the dollar campaign for the rest of us poor slobs....pennies do indeed add up.

Still, with the ugliness these cuts will probably reveal, even his high rollers are going to feel it. I assume they are already since we're not spending like we used to, all maxed the f out.

Little people catch the hell first then it spreads like a fungus to the elites. They'll chew off their own legs as they attempt to hold on to their wealth.

Little people have the power, not sure if we'll all wake up in time to harness it into something useful.

[Obamanaut]

22. I am making reference to the spending of nearly a billion dollars by one

person to keep one job.

There is no 'shared sacrifice' here. There is only humongous spending. The theme might well be "Of all the words so good and fine, the best are these, 'I got mine'".

[rucky]

19. Austerity programs work great

if you're a multinational corporation.

[nc4bo]

20. Was reading the wikipedia link where it state that there should also be an increase in taxes

to go along with the cuts.

Wait - what tax increases?

[nadinbrzezinski]

21. When they are deep enough... nope

the last major depression brought companies down...

This one will do the same.

Of course those that survive... I mean the game monopoly is a DEPRESSION era creation.

[rucky]

23. This is more the playbook of Bolivia in the 80's

Privitization comes next - at fire-sale prices.