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The Austerity Hoax

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"Applebaum's 2010 column on (its) embrace of austerity deserves to live in infamy," he said. She "takes palpable glee (in) harming its working class" to let wealthy Brits grow richer.

In 2009, Britain was emerging from recession. Recovery was painful and slow. Ordinary people benefitted little. Many, in fact, not at all. Modest stimulus was grossly inadequate. Economic decline was assured.

Austerity represents bad economics and moral failure. Reality is turned on its head. Nations aren't "remotely like households when it comes to debt."

They "adopt 'automatic stabilizers' to make recessions far less severe and recoveries quicker." They work. They're counter-cyclical. Austerity makes bad conditions worse.

Applebaum equates it with "moral superiority." The greater the amount, the higher the level of morality. It explains her reveling in "savage cuts." She "delight(s) in gore."

She believes moral superiority depends on how much harm can be imposed on society's most disadvantaged. Notions this destructive reflect Frankenstein economics.

Pain is good, the more the better. Wealthy elites love it. All the more for them. British politics is like America's. Democrats don't differ from Republicans. Tories and New Labour replicate each other's policies. Let-em-eat cake is dogma.

Britannia's ship of state is sinking. So is the American dream. For most, it was largely an illusion. Now it's disappearing entirely.

"Applebaum also combines faux moral superiority with faux history." She uses it "to explain the moral virtues of austerity during a Great Recession."

What on earth did Yale and LSE teach her? Best to send your children elsewhere, affordability issues aside.

Claiming austerity has appeal for UK politicians and won the war is rubbish. Millions are left unemployed. They're forced to get by on their own sink or swim. "It is pure economic waste and a terrible social harm that devastates families," said Black.

Massive fiscal stimulus and deficits won the war. UK and US politicians claim their governments are broke. If foreign aggressors invaded their homelands, asked Black, would they surrender for lack of funds?

"Of course not, they would run however large a deficit was required." It doesn't destroy economies. It stimulates growth and produces full employment. 

War economies ended the Great Depression. Comparable stimulus without war could reverse similar conditions today. They affect majorities in Europe and America. Productive policies lift all boats.

Cutting back when stimulus is needed is madness. It assures decline. For most people, it's the worst of all possible worlds. Middle class societies are destroyed. Neoserfdom replaces them. Public anger follows. Revolutions are risked.

Nations enduring hard times "cannot simply 'decide' to end (their) budget deficit." Combining spending cuts with higher taxes on working households assures harder times.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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