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Dec 6th, 2017
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Joined: Aug 2008
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veteran
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' · · ·  A picture is worth a thousand words.
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Joined: Sep 2011
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Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
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I have tried, logt, on several occasions to get anyone to provide an example where "austerity measures" actually improved a nation's economic situation, without result. It is, of course, a trick question, because there are no examples. Notwithstanding the Chicago School's insistence that it would work, it never has, but has a tendency, instead, to ruin a nation's economy, and draw out and deepen recessionary pressures, as you have noted.
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Joined: Mar 2003
Posts: 8,082 Likes: 134
veteran
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veteran
Joined: Mar 2003
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"austerity measures" actually improved a nation's economic situation ryan responded by saying cutting the budget would stimulate the economy o i guess you were waiting for the other foot to fall ... yeah there was a caveat ... the cbo scores plans statically in order not to skew the results so boehner's plan falls short of the plan and reids plan is close to his plan ... ryan cried that the cbo has to do dynamic scoring and ASSUME cutting will stimulate the economy ... we have to assume it stimulates the economy ... ok did he really say that? ... yeah we have to assume it stimulates the economy well i had some respect for ryan ... i read his plan ... it was comprehensive but now i have to wonder to what school of economics he ascribes his knowledge there is a blurb of some compromise in the works
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Joined: May 2006
Posts: 5,026 Likes: 98
old hand
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old hand
Joined: May 2006
Posts: 5,026 Likes: 98 |
The economy goes bad when the efforts of the greedy collapse. In the 80's it was the Savings and Loan folks out of control (hundreds actually got arrested, charged, and sentenced!). Then we had the tech internet bubble. This time we had the real estate bubble, a financial gambling bubble, and a concerted effort to not regulate the financials thereby making it all easier (until it all collapsed). On reflection these kinds of things are usually accompanied lack of supervision and regulation.
Rick is right, had they distributed the bail out to citizens things would be humming along right now!
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Joined: Sep 2011
Posts: 18,003 Likes: 191
Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
Posts: 18,003 Likes: 191 |
Ah, but the economy goes badder when taxes are cut when the economy is bad, and/or spending is cut in the name of austerity.
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Joined: Sep 2005
Posts: 12,581
Pooh-Bah
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Pooh-Bah
Joined: Sep 2005
Posts: 12,581 |
Had the Obama Administration GIVEN each and every American $10,000 instead of bailing out the banksters, our economy would be very healthy right now, humming along merrily. And when that $10,000 is spent, what then, rick? Yours, Issodhos
"When all has been said that can be said, and all has been done that can be done, there will be poetry";-) -- Issodhos
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Joined: Apr 2005
Posts: 1,499
member
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member
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Ask your "banker".
Last edited by mama; 07/31/11 03:32 AM.
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You can fool some of the people all of the time and all of the people some of the time,but you can't fool all of the people all of the time.[A. Lincoln]
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Joined: Sep 2011
Posts: 18,003 Likes: 191
Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
Posts: 18,003 Likes: 191 |
Well, if those $10 thousand had been spent, that would have been a hell of a stimulus (imagine what a 10% increase in the GDP would have done for the economy!), which probably would have sustained the economy for some time. By the way, the estimate is off by about 100%. With 150 million taxpayers in the country, $5000 each would have put an additional $750 billion into circulation. 90% of that would probably have been spent.
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Joined: Sep 2005
Posts: 12,581
Pooh-Bah
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Pooh-Bah
Joined: Sep 2005
Posts: 12,581 |
Well, if those $10 thousand had been spent, that would have been a hell of a stimulus (imagine what a 10% increase in the GDP would have done for the economy!), which probably would have sustained the economy for some time. By the way, the estimate is off by about 100%. With 150 million taxpayers in the country, $5000 each would have put an additional $750 billion into circulation. 90% of that would probably have been spent. Begging the question, when any stimulus wore off, what then? Yours, Issodhos
"When all has been said that can be said, and all has been done that can be done, there will be poetry";-) -- Issodhos
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Joined: Sep 2011
Posts: 18,003 Likes: 191
Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
Posts: 18,003 Likes: 191 |
Not really begging the question, Iss. Imagine what a 5-10% increase in the GDP would do for the overall economy. That would probably bring unemployment down, increase demand, break capital loose to invest in equipment, get corporations off the sidelines, bring investment back in and restore confidence. The increase in activity will then increase government revenues, the disastrous tax cuts then can be rolled back in 2012, we can then get on the road to reducing the deficits that the GOP saddled us with. After 5 years of continual growth, we can then fold the tent and disband the government, wot?
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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