Austerity is still not working.

[quote name='pyschonerd']Don't get sucked in by that guys style, he'd laud a doughnut if it agreed with him.[/QUOTE]

I thought you had me on ignore? Or is that your alter-ego?:rofl:

Or I have an even better idea! Why don't you make an entire post with bolded letters and make sure my username is hyperlinked to my profile like you've done twice before!
 
...Seriously? Aren't people taught how RGDP works in even the most basic Econ 101 class? Even in my class with a conservative school board keeping a tight leash on the curriculum and an openly conservative teacher, we were taught flat out you spend money to get out of a recession. This camp of 'debt is immoral' people are so ingenuously full of shit, considering interest isn't keeping up with inflation right now...
 
So, we spend a bunch of money that we don't have to give the economy a temporary boost.

Then, either, we just printed a bunch of money to make things go away or we have to pay that money back at some point.

If it's the former, let's just mint a couple dozen of those Trillion Dollar coins. If it's the second....
 
No, I propose we continue to follow austerity and see stagnation in the economy, so when the rate at which the deficit increases keeps going up, you can throw up your hands and say "at least we didn't spend all that money." / sarcasm.The irony likely lost on you is, in the long term there would be more people paying taxes and we could probably pay off the debt faster. ( also a moot point because we've had debt as long as we've had central banking )
 
So, exactly which year did we start your "austerity"? Because we haven't cut overall spending at all - it's gone up every year (though some of the recent purposed budgets do cut overall spending, but we'll see what actually gets passed and executed).

I don't purpose simply cutting spending here and there if we're still spending so much more overall. If we're going to keep spending so much more than we're taking in, then, yes, I get to throw up my hands in disgust.
 
[quote name='UncleBob']So, exactly which year did we start your "austerity"? Because we haven't cut overall spending at all - it's gone up every year (though some of the recent purposed budgets do cut overall spending, but we'll see what actually gets passed and executed).

I don't purpose simply cutting spending here and there if we're still spending so much more overall. If we're going to keep spending so much more than we're taking in, then, yes, I get to throw up my hands in disgust.[/QUOTE]

... I didn't say we were following it. I, along with every economics textbook ever written worth the paper it was printed on, are sure as shit it would be a terrible idea. Hell why do you think even the most conservative media outlets were broadly, openly saying the sequester cuts would likely cause another recession from the point we're currently at.
 
[quote name='RealDeals']... I didn't say we were following it.[/QUOTE]

[quote name='RealDeals']No, I propose we continue to follow austerity[...][/QUOTE]

Okay, then. :D

---

I'm not against a recession.

I don't believe our economy can be an ever expanding beast. I don't fall into the line of thought of "as long as there's competition, there's room for growth." I believe our economy has been over stretched (propped up by fake money) for too long. We need to reign in our spending and reign in our economy and let it expand at more of a natural pace.

Our economy is based on exporting entertainment and debt. To me, that is worrisome.
 
[quote name='RealDeals']...Seriously? Aren't people taught how RGDP works in even the most basic Econ 101 class? Even in my class with a conservative school board keeping a tight leash on the curriculum and an openly conservative teacher, we were taught flat out you spend money to get out of a recession. This camp of 'debt is immoral' people are so ingenuously full of shit, considering interest isn't keeping up with inflation right now...[/QUOTE]

There's no science and no evidence (in fact, ample contrary evidence - not just UK, but a large number of countries in the EU) on one side of this "debate."

Krugman's recent blogs assailing the Reinhart/Rogoff paper show the extent to which pro-austerity advocates are willfully blind to anything that doesn't conform to their skewed worldview. Two economics papers *ever* show a relationship between austerity practices and debt reduction, and one of them (Reinhart-Rogoff) was recently revealed to use some *very* suspicious practices in omitting data prior to the analysis stage.

Just like the drop in gold prices, it does not shake the true believers. For those who weren't interested in sound science and analysis to begin with (as none of them truly are), then they have nothing but faith to rely on; and faith is a difficult thing to shake, no matter the mountain of evidence in support.
 
A lot of the onus I think falls on people for not knowing even basic economic principles. Nobody should be wooed by the ridiculous, homey comparisons to a family on a budget.
 
While I agree, I doubt you'd find many people who have an opinion on our economic policy admitting they don't know much, if anything, about economics.

People love to think that they understand economics because they have a couple of bank accounts they track/balance.

Just the same, I have a microwave and a couple of lean cuisines at home, so I know what it's like to be a Michelin-starred chef. ;)
 
[quote name='pyschonerd']Don't get sucked in by that guys style, he'd laud a doughnut if it agreed with him.[/QUOTE]

:rofl:

"that guy's style"? It's not a "style", the Dohdough knows his stuff.

Clak and Dohdough were bustin' my chops; I'm fairly certain they both know the point I was trying to make, we're on the same page.
 
Reinhart-Rogoff have been outed as having made several significantly dunderheaded data coding errors at best; their work is highly unethical bordering on career-ruining at worst.

Is it no small coincidence that people are suddenly quiet about austerity? ;)
 

IMF 'to admit mistakes' in handling Greek debt crisis and bailout

The International Monetary Fund is to admit that it has made serious mistakes in the handling of the sovereign debt crisis in Greece, according to internal reports due to be published later on Wednesday.

Documents presented to the Fund's board last Friday will reveal that the Washington-based organisation underestimated the damage austerity would cause to the eurozone country, which has required two bailouts in the past three years.
Click to expand...

Full article at link. Lawl.

 
You must log in or register to reply here.
bread's done
Back
Top