A poster promoting the virtues of austerity. But who really benefits? Photo: Flickr Creative Commons
Austerity isn’t working. From the Bundesbank to 11 Downing Street, in Ireland, Spain, Italy, and Greece, expensively educated men in suits are telling the rest of us that we have been living large for too long. Unless we cut government budget deficits, these Jeremiahs warn, inflation will take off, bond yields will skyrocket, business confidence will shatter, and the economy will never recover. Under their influence, we freeze wages, fire civil servants, close libraries, cut pensions. But reducing budget deficits doesn’t seem to be sparking…
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