Skip to comments.US Treasury chief urges EU to ease off austerity
Posted on 04/08/2013 4:08:03 AM PDT by John W
BRUSSELS (AP) European countries should ease off their austerity and adopt more growth-friendly policies, U.S. Treasury Secretary Jacob Lew said Monday as he kicked off a series of meetings with the region's top leaders.
America's biggest trading partner and the world's largest economic bloc has entered the fourth year of its debt crisis, which has plunged many of the 27 EU governments into recession. The U.S. administration hopes Europe will relent in its focus on debt reduction, which has been hurting growth through spending cuts and tax increases.
Lew, who became treasury secretary in February, started his first official trip to Europe with a meeting with EU Commission President Jose Manuel Barroso in Brussels. He was also meeting the EU's top economic and monetary official, Commissioner Olli Rehn and EU Council President Herman Van Rompuy.
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Lawyer Lew has decided to weigh in on European affairs ...
What austerity? What does that word mean to politicians?
uncontrolled spending is bad, real bad
reduced spending is good, real good
bring on the austerity - hurry!!
For the European countries that are struggling, austerity has meant tax increases; for those doing quite a bit better, it has meant cuts in government spending.
It is purposeful that the two very different approaches are intermixed in reporting: they want us to think that spending cuts are culprits for the problems that tax increases have caused.
The mixed messages being sent by the Western governments (including ours) are bizarre; somehow we went from “live within your means” to “spend money (even via credit card) and show your patriotism”. Apparently the whole idea of decent jobs is off the table; now people should promptly p!ss away their gubmint welfare dollars to keep their bodegas and liquor stores open.
I’ve started receiving literature from NJ shore places we’ve been to in the past, and they are all more expensive than in previous years (I guess due to diminished supply from Hurricane Sandy). The pre-storm prices were high enough; they may as well take their time rebuilding because there won’t be many vacationing there this summer (or next, either).
This coming from the country that has the highest corporate tax of any nation. This coming from the country that has regulations that dwarf those of other nations. This coming from a country that thinks it can spend it's way to prosperity.
But hey, if they want to fall for that advice, knock yourself out.
What’s the definition of austerity? Is there a financial or economic understanding of that term?
Is “austerity” really austere?
-——Whats the definition of austerity?———
Rational reduction in government spending
Documentation File on the harmful impact of the Counterculture of Obamanation on America.
Barry Soetoro, aka B. Hussein Obama, 5 days before the end of GWBs Presidential term, told The Gullible the following: We are five days away from FUNDAMENTALLY TRANSFORMING THE UNITED STATES OF AMERICA!
Going on 5 years now, the best friends that Obama could have had to help him achieve his above stated dastardly goal were the RINO leaderships in the US House and Senate, AND THEY ARE STILL IN POWER!
IMHO, the Counterculture of Obamanation will continue to destroy America for as long as the US Congressional RINOs allow it to, and not one minute more!
I'm thinking it relates to Krugman's latest dumb pronouncement that regulations are not a problem for small business, lack of sales are. They know people are starting to catch on to their plan to destroy the free market from the bottom up, so they need to encourage more deficit spending to cover up the effects of the regulations they are imposing - at least, for a little while longer.
They (and the US) can’t possibly cut enough pure spending without causing massive economic recession/depression. Pro-growth and controlling future spending is the only way out. Now if Lew would just take his “pro-growth” message to his boss. Obama’s policies are stifling growth. 1-2% GDP growth is below the natural rate.
What does the word “growth” mean? They’ve made it clear they don’t favor economic growth. Who what does he want the Euros to grow?
Bizarro World is real and we are living in it.
Austerity is the flashlight that when enacted, shines the light on just how entrenched and debilitating the welfare state has become.
Austere traditionally means something like minimalist, without comforts or ornamentation, but politically it’s being used in the slight-of-hand way I described.
I know the true definition. I just have not found the European country that is practicing it.
I suspect it’s part of the socialist mind game, ie “we tried austerity and it didn’t work, therefore we need to go to confiscation and taxation.”
Yes, that’s right. I believe a few countries, such as Estonia and even Sweden have actually been cutting spending—and doing quite well for it.