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Archives by Tag 'austerity'
The Move to Gut French Pensions
TOM GILL
A showdown between the French Government and unions is looming over  reforms to the country’s ‘generous’ pension system. Strikes and protests are scheduled for September 10 in response to plans by the Socialist administration of President Franco...
Wrecking the Welfare State in Secret
DAVID CRONIN
A golden staircase greets guests to De Warande, an exclusive club in central Brussels.  Built in the late eighteenth century, this mansion was acquired in 1907 by François Empain, a banker who helped his royal chum Leopold II loot the Congo.  With its historical associ...
The Corporate State and Manufactured Dependence
ROB URIE
An argument often heard in the 1980s and ‘90s by those favoring lower taxes on the rich was the rich could avoid paying taxes because they had the resources to do so, so why not be pragmatic and set tax rates low enough the rich would actually pay them? The people makin...
Death By Zip Code
LAURA S. FLANDERS
It stands to reason that people suffer stress when money’s short, but do economically hard times in and of themselves kill people? Sanjay Basu, co-author of “...
Krugman’s Austerity Blinders
JOSHUA SPERBER
The liberal case against austerity has recently gained momentum with the exposure of Harvard economists Carmen Reinhart and Kenneth Rogoff’s calculation errors in their influential pro-austerity paper, “Growth in a Time of Debt.” Amon...
Dr. Kyenge’s Crusade
FREDERICK B. HUDSON
In 1933, the writer Arna Bontemps, a fellow member with Langston Hughes of a collection of writers, artists, and musicians that history has dubbed “the Harlem Renaissance,” in recognition of the creative contributions they offered to the world, penned a moving...
Austerity Advocates on the Run
DEAN BAKER
By now almost everyone knows of the famous Excel spreadsheet err...
Financial Institutions Admit Austerity Failed
KEN KLIPPENSTEIN
The first part of 2013 has been something of a confessional period for the economic managerial class. The IMF’s chief economist, Olivier Blanchard, ...
Obama’s Absurd Sequester Scheme
DEAN BAKER
The big talk in Washington this month is the sequester cuts. These cuts are roughly 8 percent of most areas of discretionary spending, both military and domestic. While the cuts became effective at the start of March, many will first begin to pinch this month since govern...
Back to Recession
MIKE WHITNEY
The media is calling it a “Spring swoon”,  but it’s really just the next phase of the long slump. After a strong showing in the first quarter (Q1), the economy is starting to lose steam for the forth year in a row. The main cause for the slow...
Obama Does Social Security and Medicare
ROB URIE
With Barack Obama putting his plan to cut Social Security and Medicare expenditures into writing in his Federal budget proposal the ability of those who voted for him to credibly deny his years of publicly stating he would do so disappeared. The pathetic pleas from libera...
The Queen Mother of Global Austerity and Financialization
MICHAEL HUDSON and JEFFREY SOMMERS
We typically honor the convention to refrain from speaking ill of the recently departed. But Margaret Thatcher probably would not object to an epitaph focusing on how her political legacy was to achieve her professed aim of “irreversibly” dismantling Britain’s publi...
Wall Street’s Role in the Crisis in Cyprus
ROB URIE
Recent events in Cyprus, the seizure of bank deposits to affect bailouts of large private banks and the implementation of capital controls to limit the rate at which remaining bank deposits can be moved out of the country, suggest the global banking crisis widely presente...
Fear and Uncertainty in Cyprus
NIGEL O'CONNOR
Nicosia. The municipal theatre of Nicosia sits directly behind the Cypriot parliament. Its prominence within the capital suggests the importance of such civic buildings to a population seeing itself as the inheritors to the grand heritage of Greek traditio...
The Insanity of Austerity
TOM McNAMARA
Nightmare and insanity are akin. Mysterious and involuntary states that skew and distort objective reality One wakens from nightmare. From insanity there is no awakening. “Let Your Life Be a Friction to Stop the Machin...
The Arithmetic of Desperation in Detroit
CHRIS LEWIS
Lansing has it out for Detroiters. That’s William Scott’s estimation, at least. “The politicians in state government, in my opinion, care more about the suburbs than here in Detroit,” the retired auto worker told me a few years ago, sitting in a lawn chair perched...
Ryan’s Austerity Budget
ANDREW FIELDHOUSE
This week House Budget Committee Paul Ryan (R-Wis) released his Fiscal Year 2014 House Budget Resolution, ...
Democrats: Masters of Self-Delusion
MICHAEL BRENNER
Democrats are masters of illusion – especially self-delusion. Their abject performance over the past few decades has shorn them of identity and conviction. They have lost on every front against a Republican opponent that has abandoned the mainstream for cloud cuckoo lan...
Where is America’s Hugo Chavez?
ROB URIE
Two events coincided this week that illustrate the crisis of political economy in the capitalist West—the premature and intensely sad death of Hugo Chavez and the trite idiocy symbolizing the class warfare declared by the rich against the rest of us as the Dow Jones sto...
The Grand Bargainer
ANDREW LEVINE
In democracies, the demos rules.  According to the original meaning of the term, that means the popular masses, as distinct from social or economic elites.  More usually nowadays, the term has no class content; “demos” denotes an undifferentiated citizenry....
The Dawn of Austerity in America
JASON HIRTHLER
Since the rosy fingered dawn of austerity in America, the liberal media have consistently proclaimed that the Republicans are a deluded gang of filibustering rejectionists. By contrast, they make the rather more strident claim that, for all their faults, Democrats at leas...
Austerity Versus a People’s Budget
MARK VORPAHL
It’s no secret that most cities, counties, states and school districts in the U.S. are facing big deficits. What is less understood is the extent to which austerity cuts have become politicians’ bi-partisan response to the situation. The dramatic measures bein...
The Effects of the ‘Fat Cat’ Vote
BINOY KAMPMARK
The soup is seldom eaten as hot as it is served. Swiss expression, quoted by Philip Mosimann, CEO of Bucher Industries AG, Mar 5, 2013 They surprise and stun wi...
Austerity USA
SHAMUS COOKE
U.S. politicians have cried wolf over austerity long enough for the public to ignore them. A perfect time, then, for politicians to actually unleash the wolves. Barring an unlikely last minute deal, here’s a short list of some of the massive, national bi-partisan-cr...
Still Clueless About the Economy
DEAN BAKER
The latest fad in Washington economic policy debates is arguing over the level at which the government should stabilize the debt-to-GDP ratio. The doves are okay with a debt-to-GDP ratio of 73 percent or even 76 percent. The hawks want 60 percent or even less. This is the...