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The Austerity Hoax

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

Legitimate economists don't recommend it. Sustained policies this destructive assures protracted or permanent decline. 

Britain, other EU countries, and America can borrow at near-zero interest rates. Every pound, euro and dollar raised and spent productively returns multiples more. Immorality is not doing it when it's most needed. It's also when privileged elites alone benefit at the expense of most others.

Claiming empty pockets is duplicitous. Applebaum's prime targets are Medicare, Medicaid and Social Security. Destroying bedrock social safety net protections is scandalous.

She's privileged and doesn't care. Other elitists feel the same way. Programs people can't do without are on the chopping block for elimination. The more ordinary people suffer, the greater elitists benefit.

Promoting social inequality defines immorality. It's also destructive economics. 

Social programs improve millions of lives. They also lift all boats. Prosperity produces jobs. When people have money they spend it. Hard times forces belt-tightening.

Applebaum doesn't worry. She "reveal(ed) her real target - she wants to destroy (bedrock) social programs." She considers them "political bribes to induce the working class to vote for leftist politicians."

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She loves euro straightjacket rules. She supports Troika diktat authority over independent monetary and fiscal control as well as national sovereignty. 

Trilateralists and Bilderberger elites promote this agenda. They support global rule. They endorse classless societies with rulers and serfs. Maybe they'll make Applebaum a member.

Her schadenfreude "is unlimited." She "loves the euro zone disaster her austerity policies generated because she believes (it) will destroy the social programs she despises," benefit her financially, and "bring the extreme right to power."

She's wrong, says Black. Things won't turn out her way. Hopefully he's right. At best, expect much harder times before improving. Perhaps they will eventually. An entirely different political climate and empowered class is needed.

Obama embraces the worst of what Applebaum and Republicans endorse. Whether he's shooting himself in the foot remains to be seen. Polls suggest a close race. If things worsen by fall, he'll be blamed.

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Riding high on rhetoric only works so long. Black thinks he'll "pay a great political price for trying to be all things to all voters on the issue of austerity" alone.

Opposing it should have been his "signature economic program." Winning by a landslide would be assured. Instead, administration policies are "incoherent" and counterproductive.

They're dishonest and immoral. They're also "bad economics (and) bad politics," says Black. In November, voters will have final say.

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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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