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Thread: Why are we trying to implement Austerity?

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    Locke's Avatar
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    Why are we trying to implement Austerity?

    With austerity failing horribly everywhere it's been tried (Greece, Spain), why are house Republicans pushing for it? I can't think of a single time where a government has cut it's way out of a recession, can anyone? I don't think it's been done. Yet despite real world case studies, it's still being pushed for? Why...?

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    They want the economy to go back into recession on this President's watch....

    Their main goal is to make Obama look bad...
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    Any examples of countries borrowing their way out of a recession?

    How about taxing their way out of a recession?

    Growth would be ideal but our government doesn't seem to be encouraging much investment or innovation.

    Regardless, routine deficit spending needs to stop. Something has to give. There's barely enough wealth in the nation to pay for one year of government spending.
    http://www.youtube.com/watch?v=661pi6K-8WQ

    http://www.foreignaffairs.com/articl...-the-recession

    http://www.debatingeurope.eu/growth/...versus-growth/

    http://www.youtube.com/watch?v=ucoP4-06O7M

    http://www.youtube.com/watch?v=pES9C7fX_Co
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    Locke's Avatar
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    Quote Originally Posted by GoFins! View Post
    Any examples of countries borrowing their way out of a recession?

    How about taxing their way out of a recession?

    Growth would be ideal but our government doesn't seem to be encouraging much investment or innovation.

    Regardless, routine deficit spending needs to stop. Something has to give. There's barely enough wealth in the nation to pay for one year of government spending.
    http://www.youtube.com/watch?v=661pi6K-8WQ

    http://www.foreignaffairs.com/articl...-the-recession

    http://www.debatingeurope.eu/growth/...versus-growth/

    http://www.youtube.com/watch?v=ucoP4-06O7M

    http://www.youtube.com/watch?v=pES9C7fX_Co
    Since 1954 the per person cost of government has risen 3,000%
    Plenty of examples of HIRING their way out of recession. Which is the goal of most of these programs. The exception is probably defense spending, but those cuts come naturally when we pull out of various countries, which doesn't really count as an austerity program. But your argument is I'd rather shoot myself in the face with a bazooka than let myself bleed out from a papercut? Sound logic...
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    Locke's Avatar
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    Quote Originally Posted by DeathStar View Post
    They want the economy to go back into recession on this President's watch....

    Their main goal is to make Obama look bad...
    I have no doubt that's their goal in some things, maybe even most. But this? Nevermind playing with fire; this would be playing with an atomic bomb. Greece has already collapsed upon itself. I refuse to believe anyone would sabotage an entire country just to further their political party. They risk losing their own seats if that happens...
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    Locke's been watching television again (which I highly recommend).

    I can't speak for the House GOP but there's an economic tipping point when debt will take you over the cliff.

    We borrow at about 0% now, wait until that goes up a few points on a rising debt.

    This is more about Washington's addiction to your money.
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    Spesh's Avatar
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    Quote Originally Posted by Locke View Post
    With austerity failing horribly everywhere it's been tried (Greece, Spain), why are house Republicans pushing for it? I can't think of a single time where a government has cut it's way out of a recession, can anyone? I don't think it's been done. Yet despite real world case studies, it's still being pushed for? Why...?
    With all the theatrics going on in Washington, you might well have missed the most important political and economic news of the week: an official confirmation from the United Kingdom that austerity policies don’t work.

    In making his annual Autumn Statement to the House of Commons on Wednesday, George Osborne, the Chancellor of the Exchequer, was forced to admit that his government has failed to meet a series of targets it set for itself back in June of 2010, when it slashed the budgets of various government departments by up to thirty per cent. Back then, Osborne said that his austerity policies would cut his country’s budget deficit to zero within four years, enable Britain to begin relieving itself of its public debt, and generate healthy economic growth. None of these things have happened. Britain’s deficit remains stubbornly high, its people have been suffering through a double-dip recession, and many observers now expect the country to lose its “AAA” credit rating.
    Read more: http://www.newyorker.com/online/blog...#ixzz2Lb0DOzLJ
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    Quote Originally Posted by Locke View Post
    But your argument is I'd rather shoot myself in the face with a bazooka than let myself bleed out from a papercut?
    Just Locke being Locke again. Keep trying to educate yourself into intelligence.
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    In making his annual Autumn Statement to the House of Commons on Wednesday, George Osborne, the Chancellor of the Exchequer, was forced to admit that his government has failed to meet a series of targets it set for itself back in June of 2010, when it slashed the budgets of various government departments by up to thirty per cent. Back then, Osborne said that his austerity policies would cut his country’s budget deficit to zero within four years, enable Britain to begin relieving itself of its public debt, and generate healthy economic growth. None of these things have happened. Britain’s deficit remains stubbornly high, its people have been suffering through a double-dip recession, and many observers now expect the country to lose its “AAA” credit rating.
    Thirty percent? I haven't heard anyone pushing for that type of cuts here in the states. The most common idea I've heard is cutting 1% a year for 6 years. 1% a year and a bit less than 6% overall doesn't sound unreasonable, but when you're used to, and feel entitled to, an 7 or 8% increase every year then that makes it an 8 or 9% cut the first year. It couldn't be that hard to start at +8% and reduce that by 1% a year until we get our fiscal house back in order.
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    Locke's Avatar
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    Quote Originally Posted by Dogbone34 View Post
    Locke's been watching television again (which I highly recommend).

    I can't speak for the House GOP but there's an economic tipping point when debt will take you over the cliff.

    We borrow at about 0% now, wait until that goes up a few points on a rising debt.

    This is more about Washington's addiction to your money.
    I don't watch TV at all, truth be told. All of my information comes from the internet.

    Borrowing is one thing, you can use that money to create jobs. Austerity takes money out of the hands of the middle class and poor, severely reducing their discretionary spending. As most people know, capitalism works by people buying stuff. If people aren't buying, there is no economy. That's why austerity has failed every time it's been tried. The deficit will take care of itself if people have jobs and we pull out of all these occupied countries...

    ---------- Post added at 08:59 PM ---------- Previous post was at 08:57 PM ----------

    Quote Originally Posted by Spesh View Post
    Yup. It just doesn't makes sense. It's like watching your friends jump into a pool of lava, die a screaming agonizing death, and then say "wow, well that looked just nice, my turn." Republicans are seriously losing their minds...
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