Wake up, Republicans! Everywhere austerity has been tried it has failed!


As you may have read in the past few weeks — HERE, for example — the intellectual  underpinnings of Republican theories on austerity economics have been pretty much debunked.

HERE‘s more on that matter:

Academia remains incredulous as evidence accumulates that the Reinhart-Rogoff paper that underwrote much of the intellectual justification for austerity economics omitted important data and contained severe Excel errors. Some are calling it a technical knockout of austerity economics, handing victory to the anti-austerity faction of economists…

Reality had already done serious damage to austerity economics. Everywhere austerity has been tried it has failed leading to even the IMF — previously the leading austerity champion — to reverse itself. The only examples given of austerity somewhat working in Europe, Estonia and Latvia, also proved to be problematic…

Crass opportunists like Pete Peterson and Eli Broad see this as a great time to push their 1% agenda – cutting social insurance and privatizing public education. It’s easier to step on someone’s throat when they are already on the ground. And lest we forget, this economic downturn was caused by the 1% and their henchmen on Wall Street. The fleecing class gets to win three times – they enrich themselves gambling, they get bailed out, and now that they weakened the middle class with their malevolent behavior they can more easily continue their class war by cutting social programs.

At least now the 1% have lost two commissars from their having been discredited due to incompetence, academic fraud, or some combination of the two. Throw in the towel.



  1. The Republicans are busy reading Excel for Dummies. Darn austerity has got to work!

  2. Austerity will be required when our debt to GDP ratio gets so high that no one will loan us cheap money any more.

    It may be imposed austerity or run away inflation but austere times are ahead unless we get our budgetary house in order at the federal and at the state level.

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