Austerity Hastens Economic Decline
Force-fed austerity crushes ordinary people.
by Stephen Lendman
Obama and other Western leaders face Depression conditions. Roosevelt addressed them in the 1930s. Imagine how austerity then would have imposed greater hardships.
Instead Americans got Social Security, homeowners loan refinancing, and moratoriums on foreclosures. Small farmers were helped unlike current subsidies earmarked for agribusiness.
Farm credit provided refinancing help. Doing so let many stay solvent and survive.
Unemployment insurance was established in partnership with states. Jobless workers got help. Now they're being told go find a job. We won't help you. More on that below.
FDR's alphabet soup of programs created jobs. Civilian Conservation Corps (CCC) workers built public infrastructure and worked on other projects.