Here's a "progressive" ripping Greece's austerity movement...........
Austerity has suddenly become the universally prescribed cure for the fallout from the financial collapse. If widely adopted, it will prove worse than the disease.
Clue phone to Robert Kuttner. Austerity is not a universally prescribed cure, it's the only alternative you have when you can no longer borrow more money to give people generous pensions at the age of 50.
By the way, I looked up the word "austerity" in the dictionary and here's the definition.........
the trait of practicing self discipline
The fact is, liberal policies over the past 4-decades have had no traits of practicing self discipline. It's how they got there to begin with.
Using Kuttner's analysis, if you were on the verge of bankruptcy, he'd tell you to go out and get some more credit cards so that your standard of living doesn't suffer but then criticizes you because no one will up your credit line. Does he sound like a smart guy to you?
I looked up this clown's bio on Wiki and I see that he went to Oberlin College; one of Ohio's liberal bastions of liberal art douche baggery. Maybe they should consider teaching econ 101 at their school.
More......
1 comment:
That's the amazing thing about the left. They never think about the next step.
Ok so Greece doesn't implement an austerity program. What then? They keep writing pension checks. Until the bank account depletes. At some point checks will start bouncing. How is that better than austerity?
There is one big difference between Greece and the US. We can print money. The ivy league eggheads make this point in a non-chalant way: "Oh we will inflate our way out of this. Ho hum.". But that approach is just as dangerous. Inflation will make a T-bill look like T-paper. And once our debt loses credibility, watch out. The fall will be hard and fast because we are the bailers. We won't have anyone to bail us out like Greece does.
The sooner the better IMHO. Because it will be the first step, albeit a painful one, in the popular realization that government is the problem, not the solution.
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