Tuesday, February 21, 2012

Even some of the left-wing lackies agree with me.....

Firing government employees and cutting people's checks is idiotic during a bust.

Now Oba mama is terrorising Iran  into Armageddon. Even though high gas prices, refusing to drill for oil, and telling the Canadians to shove the pipeline up their asses is suicidal to his re-election campaign.

Oh but we did get to keep a couple of dollars a week after he robbed the Social Security tax, right?

Everyone in the media was giddy that he finally got something through Congress. Of course they're idiots but destroying the system has been the gangsters on Wall Street's plan for many years.

Imagine if all those billions were going to the crooks that fucked over and got us into this Depression.

Oh wait, that's only a matter of time, isn't it?

Pain Without Gain - NYTimes.com
Specifically, in early 2010 austerity economics — the insistence that governments should slash spending even in the face of high unemployment — became all the rage in European capitals. The doctrine asserted that the direct negative effects of spending cuts on employment would be offset by changes in “confidence,” that savage spending cuts would lead to a surge in consumer and business spending, while nations failing to make such cuts would see capital flight and soaring interest rates. If this sounds to you like something Herbert Hoover might have said, you’re right: It does and he did.

Now the results are in — and they’re exactly what three generations’ worth of economic analysis and all the lessons of history should have told you would happen. The confidence fairy has failed to show up: none of the countries slashing spending have seen the predicted private-sector surge. Instead, the depressing effects of fiscal austerity have been reinforced by falling private spending.

Furthermore, bond markets keep refusing to cooperate. Even austerity’s star pupils, countries that, like Portugal and Ireland, have done everything that was demanded of them, still face sky-high borrowing costs. Why? Because spending cuts have deeply depressed their economies, undermining their tax bases to such an extent that the ratio of debt to G.D.P., the standard indicator of fiscal progress, is getting worse rather than better.

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