Comment 75858

By Undustrial (registered) - website | Posted April 11, 2012 at 13:21:53

This argument really needs to break out of ideological stereotypes and return to the facts of the matter. It's clear that some people (Ryan, Jason, Borelli) have actually looked at the history of these policies, but too many seem to be operating under the assumption that this can all be boiled down to the kind of left-right dichotomy presented in a 10th grade civics class.

First off, the only time that austerity programs actually led to a meaningful drop in debts/deficits was in the 90s under liberal politicians like Clinton and Chretien. Despite all the rhetoric, conservative politicians like Reagan and Bush ran up colossal debts, adding more than any others for decades while cutting social programs.

Secondly, modern economies depend on their public sectors for employment, services, infrastructure and monetary stability. Cutting these programs does not inherently make an economy healthier.

Thirdly, "economic growth" does not make economies more stable if it's concentrated in the hands of a few corporations and individuals 'at the top'. This only leads to enormous speculative bubbles, since the money involved grows totally out of proportion with the real-world economy. This was the story of the Mortgage meltdown, but also the dot-com bust, Savings and Loan crisis and even the crash which kicked off the Great Depression.

Finally, just because somebody argues for "free markets" or the entitlements of corporate elites doesn't mean they've ever actually studied economics.

"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford

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