Sunday, March 7, 2021
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Tag: Great Recession

Will Austerity Create Prosperity?

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Listen! Hear the growing clamor about the "impossible" federal debt and demands to cut back on all government spending, slash services, even raise taxes (!) to bring our federal budget "under control," just as hard-pressed families have to cut back when their incomes go down.

Is this not remarkable: The very lenders and banks whose excesses created the great global economic meltdown of 2008, who were rescued by massive government bailouts, are now demanding guarantees that those loans, which enabled the bailouts, be repaid with interest------ and by guarantee they mean "austerity" on the part of the very government which saved them.  The threat is explicit, that until austerity is imposed on the citizens of the country through higher taxes and reduction of government services, there will, quite simply, never be adequate new loans made to finance a broader recovery, the government will have to pay higher interest on what it has borrowed (in order to bail out the banks in the first place).... Let's get this cycle straight: now that the banksters have been saved they suddenly want their saviors to tighten their belts in order to pay the banksters back for lending the banksters money to save the banksters---- they demand an austerity and frugality they themselves did not display. This is the ultimate chutzpah, do as I say, not as I do.