UK: The Conclusive Results that Prove Austerity Doesn't Work

[Usui Takumi 1,562]

Hey Stevie,

Why don't you run up every credit card you have to it's max, then live in austerity to pay them off.

When you're eating beans and rice during the austerity phase will you be honest and blame it on the spending or ignorant and blame it on the austerity?

I hope the book cover is a joke, otherwise an editor lost a job.

[Ban Hammer 13,333]

I hope the book cover is a joke, otherwise an editor lost a job.

what's blss?

[one...two...tree 2,762]

Yes, I own a small business with employees and I understand the concept, but I also know that if I spend more than I take in year after year after year and keep borrowing to cover the expenses and pay interest on the growing debt at some point my business will collapse.

Getting into two wars, the Bush Tax Cuts, and the Medicare Prescription Plan were all done by the GOP with no plan to pay for them. That's called being fiscally irresponsible. Those yahoos would run their businesses into the ground if they ran them like that. There's a world of difference between necessary expenditures which may include going into debt vs. simply writing blank checks with no balance in the account. Clinton ran a surplus and was bringing the national debt down before the GOP and their Trickle Down Clowns ran amok with our economy. ** that sh!t. We ain't going down that road of bullsh!t again.

[Bad_Daddy 2,209]

Getting into two wars, the Bush Tax Cuts, and the Medicare Prescription Plan were all done by the GOP with no plan to pay for them. That's called being fiscally irresponsible. Those yahoos would run their businesses into the ground if they ran them like that. There's a world of difference between necessary expenditures which may include going into debt vs. simply writing blank checks with no balance in the account. Clinton ran a surplus and was bringing the national debt down before the GOP and their Trickle Down Clowns ran amok with our economy. ** that sh!t. We ain't going down that road of bullsh!t again.

[james&olya 1,121]

Have you actually looked closely at your graph? It shows a budget surplus under Clinton being transformed over the 8 years of GWB into a significant deficit and ending with the numbers going over a cliff. Under Obama there has been a substantial improvement! While the disaster occurred near the time Obama was elected, it was BEFORE, NOT after Obama took office that we had headed over that cliff! Trickle down does not and has not worked! It is time to stop trying to ride that dead horse!

[Mr. Big Dog 10,747]

OK, sorry. I get it now. Austerity causes debt so better to spend as much as possible (certainly MUCH more than you have) to ensure a healthy economy.

Obviously, you don't get it. Not even close. The European economies that have suffered from austerity policies are now smaller than they were going in. All of these nations still run deficits. None of the crisis countries has come even close to balancing their budgets. But even if they had balanced budgets - hard to see how they'll do that with double digit unemployment to the tune of 25% and more dragging them down - their debt to GDP ratio would still rise as their economies continue to shrink. With the deficits they run, their debt to GDP ratio rises even faster. And that's been going on for years now. None of the promised austerity magic actually materializes. None of it. Once these economies start growing again as they eventually will, they'll have quite a bit of catching up to do. And they will have to do that with a much larger relative debt burden and with less of an economic foundation than they had going into these recessions or - for the countries on the periphery - depressions. Austerity has never worked. Anywhere.

[Teddy B 17,252]

Have you actually looked closely at your graph? It shows a budget surplus under Clinton being transformed over the 8 years of GWB into a significant deficit and ending with the numbers going over a cliff. Under Obama there has been a substantial improvement! While the disaster occurred near the time Obama was elected, it was BEFORE, NOT after Obama took office that we had headed over that cliff! Trickle down does not and has not worked! It is time to stop trying to ride that dead horse!

Exactly!

We didn't get into this mess overnight, and I'm not sure why so many people think we can get out of it that quickly. The US economy has shown slow and steady improvement in the last couple years, to switch gears now would be a disaster.

[Bad_Daddy 2,209]

Have you actually looked closely at your graph? It shows a budget surplus under Clinton being transformed over the 8 years of GWB into a significant deficit and ending with the numbers going over a cliff. Under Obama there has been a substantial improvement! While the disaster occurred near the time Obama was elected, it was BEFORE, NOT after Obama took office that we had headed over that cliff! Trickle down does not and has not worked! It is time to stop trying to ride that dead horse!

It shows Obama has spent more Federal tax dollars than any other president before him. Google it.

[Mr. Big Dog 10,747]

It shows Obama has spent more Federal tax dollars than any other president before him. Google it.

He has? Can you prove that? Of course not. The President doesn't get t spend a single penny unless the Congress has first authorized that penny to be spent. In other words, the President doesn't get to spend anything. Nothing. Nada. Mad about high federal spending? Call John Boehner.

Edited December 10, 2012 by Mr. Big Dog

[Bad_Daddy 2,209]

He has? Can you prove that? Of course not. The President doesn't get t spend a single penny unless the Congress has first authorized that penny to be spent. In other words, the President doesn't get to spend anything. Nothing. Nada. Mad about high federal spending? Call John Boehner.

So you are saying Obama has nothing to do with how US tax dollars are spent? Nothing at all right? Come on now...say it.

[Mr. Big Dog 10,747]

So you are saying Obama has nothing to do with how US tax dollars are spent? Nothing at all right? Come on now...say it.

Give me a single dollar that Obama spent which the Congress hasn't authorized. Every dollar spent in 2011 and 2012 has been spent because John Boehner and his Republicans in the House have authorized that dollar to be spent. Just give me one dollar that Obama has spent w/o Congress' authorization. Just one.

[Bad_Daddy 2,209]

[Mr. Big Dog 10,747]

What is that supposed to prove? I am fairly certain that each and every one of the dollars shown in that chart were duly authorized by Congress. The chart does not disprove that. Do you have any actual evidence of your claim that Obama has been spending too much? What has he spent that Congress did not tell him to spend?

[Teddy B 17,252]

What is that supposed to prove? I am fairly certain that each and every one of the dollars shown in that chart were duly authorized by Congress. The chart does not disprove that. Do you have any actual evidence of your claim that Obama has been spending too much? What has he spent that Congress did not tell him to spend?

Obama charged a Denny's Grand Slam breakfast to the national debt, August 15th at 8:00am in Alberquerqe, New Mexico.

[Bad_Daddy 2,209]