Austerity Watch

Austerity is back in the news, and the news about austerity is never good. We've only had de facto austerity on this side of the pond. So as usual, the news is from Europe, where the austerians are going full-tilt boogie. Our homegrown austerians, like their European counterparts, tell us that the kind of severe austerity underway in Europe is necessary to reduce the deficit. Everything from food stamps to Medicaid and Medicare — everything except defense spending — must be cut in order to reduce the deficit. 

The thing is, it hasn't worked. In Greece, Europe's austerity poster child, austerity has shrunk the economy and increased the national debt. 

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Sen. Todd Akin calls for abortion on demand and free distribution of condoms. The CEO of Exxon decries global warming and demands an end to oil company subsidies along with new public investment in renewable energy. Arizona Sheriff Joe Arpaio calls for amnesty for undocumented workers.

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Paul Krugman today: more »

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In my previous post this morning, I noted that the U.S. is starting to look a lot like Greece, at least in terms of austerity-driven suicides. more »

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Americans now stand a greater chance of dying from the effects of austerity than being killed in a car crash. At least that's what a new report suggests, if you read between the lines. The study, authored by a West Virginia University professor and published in the American Journal of Public Health last week, says that suicide now kills more Americans than car crashes. While the study doesn't draw a direct connection between the recession and the spike in suicides over the last ten years, it really doesn't have to.

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I see that the New York Times is helpfully reframing the election away from jobs and the economy. Here's the headline on the dead tree version:

"Romney chooses Ryan, pushing fiscal issues to the forefront"

Huzzah. As Tristero points out below, this would be a lot less scary if the debate wasn't going to be between the moderate centrist plan for a "balanced approach" that slashes vital government programs in exchange for some ephemeral tip money from millionaires in the middle of an historic slump and a radical right wing plan that simply slashes vital government programs in the middle of an historic slump. In my view, that's a losing debate no matter who wins. more »

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Before Greece, before Spain, before Germany, France, or even Britain there was Ireland. Just two years ago, the Heritage Foundation placed Ireland in the top ten of its "Index of Economic Freedom." That was two years after the "Celtic Tiger" that was the Irish economy had been effectively neutered. After a bubble-driven boom similar to ours, Ireland became the first Eurozone country to enter a recession in 2008 — its first in 25 years. What Heritage called "sharp economic adjustments" in 2010 turned out to be the first step down Ireland's road to ruin, and the beginning of "Disaster Capitalism's" catastrophic success in Europe (also known as "austerity").

Whether the American conservatives keep referring to to Ireland as a "success" because or in spite of the above, it Ireland may yet join the Eurozone's austerity backlash. Then we'll find out if the "Celtic Tiger" has been declawed as well as neutered, and just how catastrophic austerity's "success" has been for the Irish. 

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The dire threat facing America, according to Mitt Romney and Republicans this week, is debt, not mass unemployment. more »

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Deficit theater is coming to DC tomorrow, with a well-funded "fiscal summit." The plot summary is that we have Deficit Trouble - Right Here In River City! so to fix it we need to cut Social Security and Medica more »

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On Tuesday, May 15, one of America's wealthiest men, Peter G. Peterson, will use his foundation's money to lecture the rest of us about why the federal deficit is the most serious problem facing our country. more »

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