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Full speed into the sinkhole of austerity
Monday, December 20th, 2010
Dec 20 2010
The outcome of premature fiscal consolidation is all but foretold: growth will slow, tax revenues will diminish, and the reduction in deficits will be disappointing. And, in our globally integrated world, the slowdown in Europe will exacerbate the slowdown in the United States, and vice versa… A large-scale public-investment program would stimulate employment in the short term, and growth in the long term, leading in the end to a lower national debt. But financial markets… [are] applying pressure for spending cuts, even if that implies reducing badly needed public investments.
Tags: budget, economy, globalization, ideology, standard of living
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