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More proof that the austerians were wrong. With evidence all around them, it makes me wonder why people still fight for austerity measurements.
Laying off hundreds of thousands of state and local employees and not properly investing into America was a bad economic move. Perhaps one day they will see the error of their ways.
Why? Because it's the right thing to do. Government employee's do not add anything. All it does it take from one to give to another.
I would prefer to be able to buy a new car which would employ someone as opposed to pay more taxes to pay for someone to build more bombs.
I was just using Greece as the poster child. I did say austerity doesn't work like spending doesn't work.
Iceland is the only one who truly recovered. 4 years and they now have a surplus.
Compare that to 4 years of austerity or 4 years of spending. These have resulted in just more debt.
With the government injecting $7T dollars of funny money into the economy you'd think it would have expanded exponentially. Proof that you can't print your way out of a bad economy. It simply doesn't work.
Quote:
Originally Posted by AeroGuyDC
Irrelevant. It wasn't Republicans who were pushing the "What does $40 Mean To You" demagoguery, it was Barack Obama. Why would he do that then and not now? Did the meaning of $40 somehow change?
Right now the market doesn't seem to mind as the defence cuts are felt to be a one time hit and will even out as the year goes on.
Will be interesting to see how the next 2 quarters go as the GOP will try to kill the rest of the economy, come May when there next planned economic debate shows up.
They do not mind because they know that this means that the Fed will continue to pour money into the markets. This does confuse me with those who scream about income inequality.
This is the largest trickle down program in the history of the country and it's not trickling down.
Defense spending fell 22%
total business investment improved by 12.5 percent
Consumer spending rose at 2.2 percent and the savings rate increased to 4.7 percent
Real disposable income grew by 6.6 percent
Total spending by the federal government fell by 15 percent
Where are the nuts that just a few weeks ago were cheering the end of recession and the recovery of economy. Just one day before the elections: "thank you president Obama" signs...
Defense spending fell 22%
total business investment improved by 12.5 percent
Consumer spending rose at 2.2 percent and the savings rate increased to 4.7 percent
Real disposable income grew by 6.6 percent
Total spending by the federal government fell by 15 percent
Can you provide a link? I'm not trying to be partisan with this request, it's just that those numbers don't add up to get a negative GDP growth figure.
I was just using Greece as the poster child. I did say austerity doesn't work like spending doesn't work.
Iceland is the only one who truly recovered. 4 years and they now have a surplus.
Compare that to 4 years of austerity or 4 years of spending. These have resulted in just more debt.
They also have their own currency. What Iceland demonstrated was the usefulness of devaluation, and the case for temporary capital controls in an emergency. Also the case for letting creditors of private banks gone wild eat the losses. It also had a quite effective program of mortgage debt relief that is a role model for countries like the United States.
Can you provide a link? I'm not trying to be partisan with this request, it's just that those numbers don't add up to get a negative GDP growth figure.
Everywhere austerity was used to get out of the slump, it failed.
The US is not as close to being socialist as those countries are, plus they are all part of the EU and share the same problems.
Sooooo many workers, work as government employees in those EU countries
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