One More Time – Yet Again – Austerity Doesn’t Work


Picture 2How’s that austerity thing working out for you?

  1. People are losing jobs
  2. Retail sales are plunging
  3. Our military is being ruined
  4. We don’t have enough law enforcement to investigate national crises
  5. Lives are being destroyed
  6. People are not getting the medical attention they need
  7. People are going hungry

But – that’s okay.

Even if austerity is based on incorrect math, and doesn’t work, economically, that really doesn’t matter. It’s all about forcing the little people to feel the pain of their demands on a government that should do nothing but serve the needs of the ultra wealthy.

Paul Krugman wrote:

“...In this age of information, math errors can lead to disaster. NASA’s Mars Orbiter crashed because engineers forgot to convert to metric measurements; JPMorgan Chase’s “London Whale” venture went bad in part because modelers divided by a sum instead of an average. So, did an Excel coding error destroy the economies of the Western world?

The story so far: At the beginning of 2010, two Harvard economists, Carmen Reinhart and Kenneth Rogoff, circulated a paper, “Growth in a Time of Debt,” that purported to identify a critical “threshold,” a tipping point, for government indebtedness. Once debt exceeds 90 percent of gross domestic product, they claimed, economic growth drops off sharply.

Ms. Reinhart and Mr. Rogoff had credibility thanks to a widely admired earlier book on the history of financial crises, and their timing was impeccable. The paper came out just after Greece went into crisis and played right into the desire of many officials to “pivot” from stimulus to austerity. As a result, the paper instantly became famous; it was, and is, surely the most influential economic analysis of recent years.

In fact, Reinhart-Rogoff quickly achieved almost sacred status among self-proclaimed guardians of fiscal responsibility; their tipping-point claim was treated not as a disputed hypothesis but as unquestioned fact. For example, a Washington Post editorial earlier this year warned against any relaxation on the deficit front, because we are “dangerously near the 90 percent mark that economists regard as a threat to sustainable economic growth.” Notice the phrasing: “economists,” not “some economists,” let alone “some economists, vigorously disputed by other economists with equally good credentials,” which was the reality….”

NY Times
NY Times

All of this is destroying the very fabric of this nation. If you happen not to have what is needed to survive in the Galt eat Human world of the Randian Empire, then you are chopped liver.  No none wants you.  You are the ignored, the hated, the slime below the pond scum.

Robert Reisch put it best:

  “...Anyone who wants to understand the dis-uniting of America needs to see how dramatically we’re segregating geographically by income and wealth. Today I’m giving a Town Hall talk in Fresno, in the center of California’s Central Valley, where the official unemployment rate is 15.4 percent and median family earns under $40,000. The so-called “recovery” is barely in evidence.

As the crow flies Fresno is not that far from California’s high-tech enclaves of Google, Intel, Facebook, and Apple, or from the entertainment capital of Hollywood, but they might as well be different worlds.

Being wealthy in modern America means you don’t come across anyone who isn’t, and being poor and lower-middle class means you’re surrounded by others who are just as hard up. Upward mobility — the old notion that anyone can make it with enough guts and gumption — is less of a reality.

Almost 1 out of 4 of the nation’s children is in now in poverty, but you wouldn’t know that in Washington, where our representatives are now busily cutting safety nets children depend on, or in many state capitals that continue to slash budgets for education and social services.

Many of America’s wealthy don’t see why they should pay more taxes to support the less advantaged because they have no idea what it means to be less advantaged, while many in America’s middle class can’t afford to pay more because their real wages continue to decline.….”

There’s more to it than just economics. Mark it down on your calender. The GOP lost the culture war the second week of April, 2013. It was lost in Missouri, when a man was denied the right, which he had legally, to be at the bedside of his life partner. They lost. I suspect, The Pink Flamingo, like many others who were still hesitant about gay marriage have realized it must be legalized, nationally. It is the only way the haters of the far right, please don’t call these homophobes who are so deep in the closet they stink like an overdose of mothballs, ‘christian. They are far from it. What was done to Roger Gorley is the last straw. Civil Unions are not going to cut it. When you are dealing with abject cruelty and bigotry, there is only one way to deal with it.

Huffington Post
Huffington Post

It all works together.

The Pink Flamingo knows it looks like a stretch, blending the two ideas, but it isn’t.  It is about one group of people having such dominance over another that they no need no rules.  Nothing, not even false information is going to stop them.

Or… is it?