November 23, 1987 |
The people who say that $30 billion or so in deficit reduction is insufficient are obviously right. It's pathetic. Where they go wrong is in presenting the alternative as something called "austerity. " For all the gloomy talk of tightening the belts and shutting down the party and cutting up the credit card, the degree of adjustment we need to make is trivial. What we regard as untenable austerity is a level of self-indulgence that any other society on earth, including our own until recently, would regard as sybaritic.
October 1, 2012 |
PARIS - Thousands of demonstrators marched peacefully Sunday in Paris to denounce austerity measures in Europe that have sparked violent protests in other EU countries struggling to avert fiscal crises. The march, organized largely by the Left Front party and the Communists, comes before the French parliament's debate this week on a European fiscal treaty. Organizers put turnout at more than 80,000; Paris police declined to provide an estimate. The protest exposed political pressures faced by President Francois Hollande - whose popularity has been sinking in recent polls - and notably from some ostensible allies of the left.
July 3, 2012 |
FOR A NUMBER of years, I have been having regular discussions about the world's economic situation with a very close friend. To keep him in proper perspective, I should note that while he is not in the top 1 percent of America's wealthiest, he is certainly in the top 20 percent and possibly 10 percent. He is now retired. Most of our disagreements concern the best way to get out of our economic doldrums. He is firmly convinced that the only way to restore substantial growth is to have an austerity program with a key provision of sharp cuts in government spending at all levels of government.
May 9, 2012 |
ATHENS, Greece - The smoldering debate over European austerity flared hotter Tuesday as the left-wing politician trying to form a new Greek government declared that his country was no longer bound by its pledges to impose crippling cutbacks in return for rescue loans. The comments by Alexis Tsipras flew in the face of European Union leaders' insistence on fiscal discipline and sent Greek stockst tumbling just two days after Greek voters rejected mainstream pro-austerity politicians.
November 18, 2011 |
ROME - Against the backdrop of anti-austerity protesters clashing with riot police, Italy's new prime minister appealed to Italians on Thursday to accept sacrifices to save their country from bankruptcy, but pledged economic growth and greater social cohesion in return. Mario Monti is under enormous pressure to boost growth and bring down Italy's high debt, not only to save Italy from succumbing to the debt crisis but to prevent a catastrophic disintegration of the common euro currency.
January 7, 2013 |
Consider it a mea culpa submerged in a deep pool of calculus and regression analysis: The International Monetary Fund's top economist has acknowledged that the fund blew forecasts for Greece and other European economies because it did not fully understand how government austerity efforts would undermine economic growth. A technical paper published Thursday looks again at fiscal multipliers, the impact a rise or fall in government spending or tax collection has on economic output.
September 27, 2012 |
MADRID - Spain's government was hit by the country's financial crisis on two fronts Tuesday as protesters, enraged with austerity cutbacks and tax hikes, clashed with police near Parliament while the nation's borrowing costs increased in an auction of its debt. More than 1,000 riot police blocked off access to the Parliament building in the heart of Madrid, forcing most protesters to crowd nearby avenues and shutting down traffic at the height of the evening rush hour. Police used batons to push back some protesters at the front of the march attended by an estimated 6,000 people as tempers flared, and some demonstrators broke down barricades and threw rocks and bottles toward authorities.
November 9, 2012 |
ATHENS, Greece - Greece's parliament narrowly passed a crucial austerity bill early Thursday, in a vote that left the coalition government reeling from dissent as it struggles to secure vital bailout funds. The bill, which will further slash pensions and salaries, passed 153-128 in the 300-member parliament. It came hours after rioters rampaged outside the parliament during an 80,000-strong anti-austerity demonstration, clashing with riot police who responded with tear gas, stun grenades and water cannon.
March 4, 2013 |
LISBON, Portugal - Many thousands of demonstrators held marches in more than 20 cities in Portugal on Saturday to protest against government-imposed austerity measures aimed at lifting the ailing country out of recession. Tens of thousands of people filled a Lisbon boulevard leading to the Finance Ministry carrying placards saying "Screw the troika, we want our lives back. " The troika is a reference to the European Commission, the International Monetary Fund and the European Central Bank, the lenders behind the country's financial bailout.
August 30, 2012 |
SOLUTIONS to big problems don't fit on a bumper sticker. Working people need comprehensive and proven policies that will build shared prosperity for everyone in America who works hard and plays by the rules. It can't be a nip here or a tuck there. We need policies with the scale and boldness to turn around our economy, so it isn't run by and for the richest Americans any more. Good people can disagree, but America has not had honest and meaningful debate for a long time. Here are some ideas to consider.