23 May 2013

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The Washington Post has an article titled, “GOP’s goal isn’t deficit reduction. It’s gutting the safety net.”

No, really?

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Republicans were never really interested in a “grand bargain” to take debt and deficits off the table. Rather, the real goal was to dismantle the social safety net with aggressive cuts. At the moment, that hasn’t been successful — entitlements have been largely exempted. And that’s why Republicans are planning to use the looming need to raise the debt ceiling as another point at which to extract a ransom and cut entitlements. The real goal isn’t to reduce spending — you can do that without harming the social safety net, as the current falling deficit illustrates. Rather, the goal is to dramatically reduce the scope of what government does, particularly its ability to provide basic economic security to its citizens.

http://www.washingtonpost.com/blogs/plum-line/wp/2013/05/20/gops-goal-isnt-deficit-reduction-its-gutting-the-safety-net/

Paul Krugman still has trouble with this reality. He thinks that austerians have good intentions, but are “misguided.”

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Fortunately, even when the masses realize that Republicans use the “debt crisis” to attack social programs, the masses still cling to the lie that the “debt crisis” exists in the first place. Hence the masses let Republicans attack social programs.

One reason for this clinging is that the peasants find the lies to be useful…

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From Bloomberg:

Austerity is out after the euro-area recession extended to a sixth quarter, but stimulus isn’t in.

TRANSLATION: Austerity is still in.

In modern industrialized societies, there is no treading water. No “breaking even.” The economy is expanding, or it is contracting. It cannot do both at once, unless you consider the financial economy to be the same as the real economy (which it isn’t).

Likewise with government spending, there is either stimulus or austerity, but not both. A balanced budget (i.e. zero deficit) is austerity, since a growing economy needs a constantly growing money supply.

The 17-nation euro area’s nonstop contraction since the third quarter of 2011 has left the European Central Bank to try to mitigate the damage by cutting interest rates and exploring unconventional ways of channeling money to needy companies, especially in the south.

TRANSLATION: The damage caused by austerity has forced the ECB to become creative in applying more austerity. Euro-zone nations must borrow all their money from the Troika, and from selling bonds (usually to the ECB). The ECB has cut the rate it charges euro-zone nations to one half of one percent, but this is not enough to stem the avalanche. What the ECB needs to do is give (not lend) massive amounts of money to the euro-zone nations. That would be a stimulus. But ten we wouldn’t have austerity, with its ever-widening gap between the 1% and 99%.

http://www.bloomberg.com/news/2013-05-22/europe-s-leaders-say-no-to-austerity-don-t-say-yes-to-stimulus.html

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4 Responses to 23 May 2013

  1. Jerry B says:

    I enjoy this site very much. It helps me to expose the lies of my two insane senators, Mitch McConnell and (Ayn)Rand Paul.

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