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Public sector austerity unreasonable and irrational
Tuesday, July 20th, 2010
Jul 20 2010
Even though the growth in state deficits was directly the product of bailing out the banks, the loss of revenue and the emergency spending, governments were expected to shift their policy priorities to public sector austerity. The G20 was reconvened in Toronto to reassure financial markets that they heard the message… the remedy should be a… once-in-a-life time emergency tax on those who accumulated the most wealth over the past quarter century from asset inflation while workers’ incomes stagnated in both the public and private sectors.
Tags: budget, globalization, standard of living
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