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Keyword: austerity

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  • Why New York Times Economist Paul Krugman Is Partly Right But Mostly Wrong

    05/06/2012 7:10:32 AM PDT · by SeekAndFind · 4 replies
    The Economic Collapse Blog ^ | 05/05/2012 | Michael Snyder
    In recent days, New York Times economist Paul Krugman has been doing a whole bunch of interviews in which he has declared that the solution to our economic problems is very easy. Krugman says that all we need to do to get the global economy going again is for the governments of the world to start spending a lot more money. Krugman believes that austerity is only going to cause the economies of the industrialized world to slow down even further and therefore he says that it is the wrong approach. And you know what? Krugman is partly right...
  • What Is The Consequence Of Printing Money That Nobody Wants? (Lock Your Door)

    05/01/2012 5:31:48 AM PDT · by blam · 6 replies
    Sovereign Man ^ | 5-1-2012 | Tim Price
    What Is The Consequence Of Printing Money That Nobody Wants? (Lock Your Door) by Simon Black April 30, 2012 London, England [Editor's note: Tim Price, a frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in London, is filling in for Simon today.] In a week that saw Britain slide into its first double-dip recession since 1975, we quite fittingly also saw evidence of the sort of insular bigotry and protectionist narrow-mindedness that one associates with that same ugly, painful decade, when Barry Sheerman, Member of Parliament, said: “I’m getting increasingly worried about the free movement of...
  • Spain to Close Border for Summit of the European Central Bank (Fear of Protests)

    04/24/2012 8:22:45 PM PDT · by Fitzy_888 · 1 replies
    Prensa Latina ^ | April 24, 2012 | Staff
    Spain will restore border controls to France on Saturday, during a summit of European Central Bank (ECB) to be held on 3 May in Barcelona, said Monday the Ministry of Interior. The measure, which will run until next May 4, will involve the temporary suspension of the Schengen Agreement on free movement of citizens among the 27 European Union countries. According to the conservative government of Mariano Rajoy, the land boundaries with France will be reinforced at the border of La Jonquera, Port Bou, Puigcerdá, Camprodon, Les and Canfranc and air borders of Girona and Barcelona airports. The Schengen Agreement...
  • Suicides in Greece increase 40%

    04/06/2012 12:19:03 PM PDT · by mamelukesabre · 21 replies
    boingboing ^ | 10:33 am Friday, Apr 6 | David Pescovitz
    Until now, Polyzonis's self-immolation was the most vivid image of a singular public act of protest in a country that's been shaken by anti-austerity violence. But Greece was jolted even more Wednesday after a 77-year-old man took his own life in the busy Syntagma Square, central Athens, the scene of several violent clashes between anti-austerity protesters and the police in recent months. Just a few hundred yards away from the Greek Parliament, retired pharmacist Dimitris Christoulas shot himself with a handgun amid the morning rush hour, in what was apparently a protest over the financial crisis gripping the nation… Christoulas's...
  • Eurocrats Carry On Up The Khyber, Determined and Delusional, says Farage (Spoof video edited in)

    03/15/2012 7:40:26 PM PDT · by Razzz42 · 3 replies
    YouTube fundraising account for EU Indpendence Party ^ | Mar 14, 2012 | Uploaded by europarl
    European Parliament, Strasbourg, 13 March 2012 (YouTube video)
  • A New Poll Shows That Most People Prefer Austerity To The 'Millionaire Tax'

    02/23/2012 7:05:26 PM PST · by SeekAndFind · 27 replies
    Business Insider ^ | 02/23/2012 | AP
    WASHINGTON (AP) — Most people like President Barack Obama's proposal to make millionaires pay a significant share of their incomes in taxes. Yet they'd still rather cut spending than boost taxes to balance the federal budget, an Associated Press-GfK poll shows, giving Republicans an edge over Democrats in their core ideological dispute over the nation's fiscal ills. The survey suggests that while Obama's election-year tax plan targeting people making at least $1 million a year has won broad support, it has done little to shift people's basic views in the long-running partisan war over how best to tame budget deficits...
  • Athens - The Morning After: 48 Buildings On Fire, 150 Looted, Hundreds Arrested

    02/13/2012 5:56:19 AM PST · by Zakeet · 41 replies
    Zero Hedge ^ | February 13, 2012 | Tyler Durden
    Greece: once the origin of Western civilization. Now, a burned-down debt penal colony owned by Goldman Sachs... There is a silver lining to Athens' ever uglier transition to a third world country: the massive GDP boost that awaits it as it sets off to fix broken windows and burned down buildings. In fact, we eagerly await Krugman's OpEd praising some of the more recent developments out of Greece in the past 48 hours. Granted, the country will need to get even more bailout funding from the Troika for said GDP boost to occur, but who cares about details anymore. From...
  • Athens buildings burn as lawmakers weigh austerity

    02/12/2012 12:53:20 PM PST · by NormsRevenge · 61 replies
    Yahoo ^ | 2/12/12 | Harry Papachristou and Yannis Behrakis - Reuters
    ATHENS (Reuters) - Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal. As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky. The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths...
  • Greek police union wants to arrest EU/IMF officials (symbolic only, for now)

    02/10/2012 11:20:57 AM PST · by dynachrome · 7 replies
    Reuters ^ | 2-10-12 | Lila Chotzoglou
    Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures. ---------------------------------------------------------- The threat is largely symbolic since legal experts say a judge must first authorize such warrants, but it shows the depth of anger against foreign lenders who have demanded drastic wage and pension cuts in exchange for funds to keep Greece afloat. "Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers. We refuse to stand against our parents, our brothers, our...
  • Lawmakers Proposed $1 Tril In New Spending Last Year

    01/17/2012 8:05:16 AM PST · by Slyscribe · 7 replies
    Investor's Business Daily ^ | 01/17/2012 | John Merline
    Despite endless talk of spending cuts and fiscal restraint in Washington over the past year, lawmakers continued to act as though the government doesn't spend nearly enough. They introduced 874 bills in the House and Senate that would have boosted annual federal spending by more than $1 trillion if they'd all been signed into law, according to an analysis done for IBD by the National Taxpayers Union Foundation. In contrast, lawmakers offered up just 215 bills to cut spending last year that would have reduced federal outlays by about half a trillion had they all been signed into law.
  • Austerity, This Is Not Moving beyond the Budget Control Act

    12/20/2011 3:18:02 PM PST · by LucianOfSamasota · 3 replies
    National Review ^ | December 20, 2011 | Andrew Stiles
    Given a lot of the rhetoric coming out of Washington and mainstream media outlets these days, one could be forgiven for believing that the United States has entered a new age of unprecedented austerity. This is hardly the case. Indeed, despite the best efforts of an insurgent Republican majority in the House of Representatives — elected in 2010 as a rebuke to Democratic fiscal recklessness — federal spending continues to rise.
  • Due To Austerity, The Italian Catholic Church May Have To Begin Paying Property Tax

    12/10/2011 6:25:48 PM PST · by SeekAndFind · 8 replies
    Business Insider ^ | 12/10/2011
    ROME (AP) — Italy's Catholic Church has shifted gears and shown a willingness to revisit its tax-exempt status amid renewed criticism that much of its vast real estate holdings isn't subject to local property taxes. The criticism has grown recently following Premier Mario Monti's proposal to restore a property tax on first and second homes as part of his sweeping austerity measures to help reign in Italy's massive debt. With ordinary Italians being asked to make sacrifices, the church is coming under fire to do its part and give up what some consider an unfair privilege. Critics, most prominently Italy's...
  • ECB's Big Bazooka Would Halt, Not Solve Debt Crisis

    12/07/2011 7:26:19 AM PST · by Slyscribe · 3 replies
    Investor's Business Daily ^ | 12/6/2011 | Jason Ma
    Hopes that a reluctant European Central Bank will ultimately take up its "bazooka" and agree to massive sovereign bond buying have helped keep the euro zone debt crisis from a full meltdown. But such bold action would only prevent a sudden collapse. Years of managing market expectations and fears would follow, along with long-term painful austerity measures and other reforms to keep countries on the path to fiscal discipline.
  • General strike to protest austerity measures (Greece)

    12/01/2011 8:40:15 AM PST · by dynachrome · 5 replies ^ | 12-1-11 | unattrbuted
    Public services are to be paralyzed again on Thursday as thousands of workers walk off the job to protest an ongoing austerity drive in the seventh general strike this year. As usual, tax offices, courts and schools will shut down, hospitals will operate on emergency staff and customs officials will walk off the job. The national rail network will suspend operations all day as will the Proastiakos suburban railway service. Ferries too will remain moored in port as seamen join the 24-hour walkout. Flights are unlikely to be heavily disrupted.
  • Welcome to Austerityville:Can a technocrat save the Michigan city that democracy failed?

    11/24/2011 10:01:13 AM PST · by JerseyanExile · 7 replies
    Slate ^ | Nov. 23, 2011 | David Weigel
    To get to city hall, you drive up I-75, past the empty Silverdome where the Detroit Lions used to play, and into a nondescript concrete municipal building. The city clerk was laid off a few days ago, but the door to her office hangs open. The mayor, Leon Jukowski, gives me a brief tour of the desks where people no longer work. Cubicles sit empty, little tchotkes and calendars left behind when their owners were laid off. “At one time we had 800, 900 city employees,” says Jukowski. “We have 150 now. And we have the same services that we...
  • Spanish right wins election by landslide: exit poll

    11/20/2011 11:56:52 AM PST · by Arthurio · 67 replies
    Spain's right stormed to a landslide election victory Sunday, an exit poll said, as voters toppled yet another eurozone government engulfed in a deepening debt crisis. Bowed by a 21.5 percent jobless rate, a stalled economy and spending cuts, the 36 million-strong electorate ended the Socialists' seven-year rule with a shattering defeat, the exit poll showed. Opposition leader Mariano Rajoy's Popular Party took an absolute majority of between 181 and 185 seats in the 350-member Congress of Deputies, said projections based on an exit poll by public broadcaster RTVE. The ruling Socialist party PSOE won between 115 and 119 seats,...
  • France cuts frantically as Italy nears debt spiral

    11/07/2011 5:33:57 PM PST · by TigerLikesRooster · 28 replies
    Telegraph ^ | 11/07/11 | Ambrose Evans-Pritchard
    France cuts frantically as Italy nears debt spiral France has unveiled the toughest austerity measures since World War Two despite the looming danger of a double-dip recession, vowing to slash borrowing by €65bn over the next five years in a last-ditch effort to save the country's AAA rating. By Ambrose Evans-Pritchard, International business editor 9:23PM GMT 07 Nov 2011 "We wish to protect the French against the grave problems facing other European countries. Bankruptcy is not an abstract word," said premier Francois Fillon. The belt-tightening plan -- the second package since August, taking total cuts to €112bn -- include a...
  • Civil Disobedience in Greece Grows Over Government's Austerity Measures

    10/28/2011 10:06:48 AM PDT · by markomalley · 31 replies
    AP/Fox News ^ | 10/28/11
    Greeks have launched a wave of civil disobedience against the embattled government's austerity measures designed to appease international creditors, which provided rescue loans to the country. The latest example of rebellion is the Athens municipality of Nea Ionia, where authorities are urging people not to pay a much reviled new property tax being charged through electricity bills. "Our constituents can't pay, they don't have the ability to," Nea Ionia mayor Iraklis Gotsis said. "We consider the new tax to be illegal. But in essence, the truth is our people just can't pay."
  • Europe's rescue euphoria threatened as Portugal enters 'Grecian vortex'

    10/27/2011 4:56:10 PM PDT · by bruinbirdman · 5 replies
    The Telegraph ^ | 10/27/2011 | Ambrose Evans-Pritchard
    Monetary contraction in Portugal has intensified at an alarming pace and is mimicking the pattern seen in Greece before its economy spiralled out of control, raising concerns that the EU summit deal may soon washed over by fast-moving events. Data released by the European Central Bank show that real M1 deposits in Portugal have fallen at an annualised rate of 21pc over the last six months, buckling violently in September. Data released by the European Central Bank show that real M1 deposits in Portugal have fallen at an annualised rate of 21pc over the past six months, buckling violently in...
  • Greece adopts austerity bill amid protests (union rules changed, abbrogates agreements two years)

    10/21/2011 10:12:06 AM PDT · by longtermmemmory · 11 replies
    The parliament approved a painful set of austerity measures on Thursday, defying violent protests in central Athens and a general strike which shut down much of the country. The government won the parliamentary vote with 154 votes in favor and 144 against, despite the decision by one deputy in the ruling party to oppose one article in the package. The victory should ensure the European Union and International Monetary Fund release a vital 8 billion euro loan tranche which the government needs to keep paying its bills past November. The mix of deep pay and pension cuts, tax hikes and...
  • ROBERT REICH: The Republican Economic Plan Is An Austerity Death-Trap

    10/19/2011 3:56:09 PM PDT · by blam · 37 replies
    TBI ^ | 10-19-2011 | Robert Reich
    ROBERT REICH: The Republican Economic Plan Is An Austerity Death-Trap Robert Reich Oct. 19, 2011, 6:25 PM Ron Paul’s newly-unveiled economic plan – promising to cut $1 trillion from the federal budget in year one (presumably that means 2013) – is only slightly more ambitious than what we’re hearing from other Republican candidates. They’re all calling for major spending cuts starting fifteen months from now. What are they smoking? Can we just put ideology aside for a moment and be clear about the facts? Consumer spending (70 percent of the economy) is flat or dropping because consumers are losing their...
  • The Austerity Myth: Federal Spending Up 5% This Year

    10/17/2011 3:18:36 PM PDT · by Kaslin · 6 replies
    IBD Editorials ^ | October 17, 2011 | JOHN MERLINE, INVESTOR'S BUSINESS DAILY
    When Republicans took control of the House in January, they pledged to make deep cuts in federal spending, and in April they succeeded in passing a bill advertised as cutting $38 billion from fiscal 2011's budget. Then in August, they pushed for a deal to cut an additional $2.4 trillion over the next decade. Some analysts have blamed these spending cuts for this year's economic slowdown. But data released by the Treasury Department on Friday show that, so far, there haven't been any spending cuts at all. Higher Spending, DeficitsIn fact, in the first nine months of this year, federal...
  • Stocks tank as Greece admits it won't hit targets

    10/03/2011 4:29:10 AM PDT · by TigerLikesRooster · 8 replies · 1+ views
    Yahoo!News ^ | 10/03/11
    Stocks tank as Greece admits it won't hit targets Stocks tank as Greece admits it won't hit deficit-reduction targets AP Business Writer, On Monday October 3, 2011, 7:15 am LONDON (AP) -- Stocks took another battering Monday after Greece admitted it won't meet its deficit reduction targets, raising renewed fears that the country will not get crucial bailout loans it needs to avoid a default.
  • Ireland Achieving Quiet Success (Austerity & Growth are quietly working in the Emerald Isle)

    09/22/2011 7:24:12 AM PDT · by SeekAndFind · 5 replies
    Wall Street Journal ^ | 09/22/2011 | David Cottle
    As the headlines of Greek tragedy and Italian farce continue, one solid national performance has been largely overlooked. And that’s a pity because Ireland’s relative success seems to show that there is a way out for countries like Portugal, Italy, Greece and Spain as they struggle with their debts. This is something we might expect the euro zone’s leaders to be trumpeting whenever they can. Of course, like Greece and Portugal, Ireland’s economy was bailed out, back in 2010, and had to promise some pretty harsh austerity to get its cash. But now, while Greek five-year credit default swaps are...
  • The Bleeding Cure (Paul Krugman says we're killing our economy with austerity)

    09/19/2011 1:18:11 PM PDT · by SeekAndFind · 32 replies
    New York Slimes ^ | 09/19/2011 | Paul Krugman
    Doctors used to believe that by draining a patient’s blood they could purge the evil “humors” that were thought to cause disease. In reality, of course, all their bloodletting did was make the patient weaker, and more likely to succumb. Fortunately, physicians no longer believe that bleeding the sick will make them healthy. Unfortunately, many of the makers of economic policy still do. And economic bloodletting isn’t just inflicting vast pain; it’s starting to undermine our long-run growth prospects. Some background: For the past year and a half, policy discourse in both Europe and the United States has been dominated...
  • Greece's debt woes have Merkel pleading for patience

    09/12/2011 2:45:48 PM PDT · by ronnyquest · 7 replies
    The Globe and Mail ^ | Monday, Sep. 12, 2011 7:47AM EDT | doug saunders
    The decline of London, Berlin and Europe-wide stock indices by at least two per cent each on Monday morning, along with the fall of the euro to a 10-year low against the yen and a seven-month trough against the U.S. dollar, came as no surprise to Europeans who watched the battle between Berlin and Athens over the Greek debt crisis go ballistic over the weekend. Greece, pushed to the wall by a sequence of German-led bailouts that have done little more than pile on more debt, announced on Monday that it is nearly out of cash. Deputy Finance Minister Filippos...
  • Italy Announces Austerity Plan 2.0 As Local Protests Spread, Turn Violent

    09/06/2011 8:07:56 AM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 09/06/2011 | Tyler Durden
    After Berlusconi was scolded by everyone, but most importantly by backstop solvency provider ECB, for his bull in a China shop maneuver of the first, now defunct, Italian Austerity plan, here are the details from the next, soon to be gutted "Austerity", which readers may be forgiven, if they take it with just a grain of salt. According to Bloomberg, the details are as follows: Plan to to include higher retirement age for women from 2014To add 3% tax on income over 500k eurosItaly to approve constitutional law for budget balance SeptTo increase VAT from 20% to 21%. Will...
  • Italy: Austerity plan in vanishing act

    09/02/2011 9:47:20 PM PDT · by bruinbirdman · 1 replies
    Presseurop ^ | 9/1/2011
    “The austerity plan is in chaos. It is time to go back to the drawing board” remarks La Repubblica in its report on the measures announced less than a month ago by the Italian government. As the daily points out, at the time Italy was the target of speculative attacks on the sovereign debt market which threatened to scupper the euro if nothing was done to quickly reassure investors. However the plan that was supposed to rein in Italian debt (which is the second highest in the world when evaluated on the basis of a percentage of GDP) within reasonable...
  • What's the better austerity: more spending cuts or more taxes?

    08/22/2011 7:24:27 AM PDT · by SeekAndFind · 10 replies
    Christian Science Monitor ^ | 08/22/2011 | Stefan Karlsson
    In the debate over the effects of fiscal austerity on growth, all sides can point to examples that seem to help their case. Those who argue that deficit reduction can help growth can point to the Baltic states who pushed through even tougher measures than for example Greece and Portugal, and who are now booming, with Estonia seeing GDP increase 8.4% compared to a year earlier, Lithuania 6.1% and Latvia 5.3%. On the other hand we can see that growth in for example Britain and Portugal has slowed considerably, and in Greece we have seen a 6.9% contraction the latest...
  • Urban Warming and Racial Climate Change

    08/14/2011 9:55:41 PM PDT · by neverdem · 16 replies
    The American Interest ^ | August 11, 2011 | Walter Russell Mead
    In one of those lapses of news judgment that with regrettable frequency make mainstream journalists resemble characters in Scoop, the media herd that gathered in Wisconsin to chronicle the great Democratic triumph in the state senate elections has gone back to the coasts — and missed what could grow into a much more consequential story than the failure of organized labor’s second attempt to punish the Wisconsin GOP: the outbreak of racial hate violence at the Wisconsin State Fair. A story that involved Scott Walker getting his just deserts, even if it didn’t quite work out that way, was infinitely...
  • The Biggest Lie Being Told About The US Economy

    08/14/2011 7:22:34 AM PDT · by blam · 13 replies
    TBI ^ | 8-14-2011 | Joe Weisenthal
    The Biggest Lie Being Told About The US Economy Joe Weisenthal Aug. 14, 2011, 6:14 AM The latest piece from John Mauldin contains a nugget on US fiscal policy that's worth addressing: The economy is getting weaker. What can we do? The short answer is, sadly, not much. There were some in Maine who argued for more fiscal stimulus, but I think there is little political will for another major stimulus program. The last one got us up to 3% GDP growth before we fell back, and all we got was a major debt bill and a higher level of...
  • Anarchy and Austerity: Why London Won't Be the Last City to Burn (Spending Cuts Lead to Riots?)

    08/11/2011 10:24:31 AM PDT · by SeekAndFind · 29 replies
    The Atlantic ^ | 08/11/2011
    The Great Recession gave birth to a lost generation across the world, where youth unemployment rates stretch into the 20s, 30s and even 40s. Those millions have responded with violence. The riots and fires consuming London are a story about senseless violence and crime. They are also a story about urban politics, race relations, education inequality, and British culture and society. But underneath all of that, they are part of an economic story that is universal. For the last year, Great Britain has embraced austerity to a degree that would make some American conservatives blush. The purpose of shrinking government...
  • Liberals outline stimulus agenda in 'Contract for the American Dream'

    08/10/2011 7:21:06 AM PDT · by clove · 23 replies
    Hill News Alerts ^ | 08/09/11 01:00 PM ET | Erik Wasson
    Liberal organizations and unions are frustrated that President Obama has not aggressively pushed a new jobs stimulus agenda, and they are offering up a consolidated fall agenda for Democrats to embrace as an alternative to austerity. Representatives of, Rebuild the Dream and the Center for Economic Policy and Research joined Rep. Jan Schakowsky (D-Ill.) on Tuesday to launch a progressive “Contract for the American Dream” to urge the administration and Congress to turn away from budget cutting and focus on job creation.
  • Economic Uncertainty Leading to Global Unrest

    08/09/2011 4:53:29 PM PDT · by dragnet2 · 48 replies
    CNBC ^ | 8/9/2011
    <p>The protests have now spread to other cities, with violence reported in parts of Birmingham, Liverpool and Bristol.</p> <p>Great Britain and other parts of the world are experiencing unrest at a time of global economic uncertainty and stock market volatility.</p>
  • Allen West backing Boehner’s debt deal, Pelosi welcomes “age of austerity” (World turns upside down)

    07/25/2011 7:48:31 PM PDT · by SeekAndFind · 34 replies
    Hotair ^ | 07/25/2011 | Allahpundit
    Via the Standard, the scoop on West comes from Cox Radio reporter Jamie Dupree. West himself weighed in on Twitter: I will support the new debt deal- it has enough of what I need including no tax hikes, spending caps and a step toward a balanced budget.US Senate has no credibility. Sen Reid has had 815 days to produce a budget- nothing & now he wants to produce a debt plan. Zero credibility Big news, needless to say. West’s support gives Boehner’s plan instant grassroots cred and therefore political cover for other tea-party freshmen to grudgingly support it, which is...
  • Watch Out, Italy Is Really Going To Crap Right Now

    07/08/2011 4:14:01 AM PDT · by blam · 8 replies
    TBI ^ | 7-8-2011 | Joe Weisenthal
    Watch Out, Italy Is Really Going To Crap Right Now Joe Weisenthal Jul. 8, 2011, 6:19 AM Sorry, need to break in with another Italy update. We mentioned earlier, when stocks were more flat, that Italy was the one laggard. Now it's a mega-laggard. Let's update: The main FTSE MIB index is off 2.2%. Unicredit is off 5.6! Update: The stock is halted! Italian short-term yields are now surging. Remember, if this blows, then it will make the Greek debt crisis look like child's play, as this chart easily shows. So what's going on? The country is now trying to...
  • Remember Food Inflation?

    06/30/2011 8:54:13 PM PDT · by blam · 47 replies
    TBI ^ | 6-30-2011 | Joe Weisenthal
    Remember Food Inflation? Joe Weisenthal Jun. 30, 2011, 8:30 PM Earlier we talked about the corn market crash, but really the story is in wheat. Have you seen it? We're talking prices not seen since last August. Between this and the decline in gas prices, it's inevitable that all of the official inflation measures are going to trend lower in the coming months. It will be a while, most likely, before we see anything that looks outright deflationary, but it's clear that there's been a major trend-break on this front, even as equities hold up surprisingly well. Here's wheat via...
  • Democrats pass austerity budget for California (70 parks closed, leftists hardest hit)

    06/29/2011 6:41:37 AM PDT · by Libloather · 20 replies
    LA Times ^ | 6/29/11 | Shane Goldmacher
    Democrats pass austerity budget for CaliforniaUniversities, courts and the poor would be among those losing funding in the new California budget. Officials admit the plan would not restore the state to fiscal health. By Shane Goldmacher, Los Angeles Times June 29, 2011 Reporting from Sacramento -- The Legislature passed an austerity budget Tuesday night that would cut from universities, courts and the poor, shutter 70 parks and threaten schools but would not — by officials' own admission — restore California's long-term financial health. The UC and Cal State systems would face about a 23% funding cut, among the steepest in...
  • Editorial: Greece’s Only Cure Is The Free Market

    06/28/2011 5:43:31 PM PDT · by Kaslin · 10 replies
    IBD Editorials ^ | June 28, 2011 | Staff
    Debt Crises: What a sorry spectacle to watch Greeks rioting in the streets in reaction to austerity measures. As if tantrums can change reality. It's Exhibit A of how socialism infantilizes citizens. The only cure is free markets. As Greece's legislature heads for a vote Wednesday to cut the size of its government by $40 billion in exchange for the last $17 billion of a $156 billion International Monetary Fund bailout on July 3, the world's television screens are flooded with images of young "indignantes" calling a riotous 48 hour-strike in Athens. Steeped in socialism for decades, these Greeks see...
  • Unions are not paying their fair share

    Today New Jersey Governor Chris Christie signed legislation requiring state workers to contribute more to their health and retirement benefits to help meet budget shortfalls. New Jersey has more than a half-million, mostly union employees, whose pension system is facing an estimated $110 billion budget shortfall according to Fox New York. Angry union members have been protesting the proposed changes but one must stop to ask why? Union boss and frequent White House visitor Richard Trumka is fond of saying that the rich don’t pay their fair share in this country. Evidently Mr. Trumka is a casualty of our education...
  • Breakdown Of Greek Austerity Measures

    06/28/2011 9:52:09 AM PDT · by mojito · 13 replies
    ZeroHedge ^ | 6/28/2011 | Tyler Durden
    For those asking, here is a full breakdown of the actual proposed fiscal measures to be implemented if the mid-term austerity vote passes tomorrow, courtesy of the BBC. The Greek parliament is debating the latest set of austerity measures, which it needs to pass to qualify for another payment under the bail-out from the European Union and the International Monetary Fund. The five-year plan was changed last week to allow for more money to be raised through tax increases and less money to be saved through spending cuts. The plan involves cutting 14.32bn euros ($20.50bn; £12.82bn) of public spending, while...
  • Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’

    06/24/2011 7:59:43 AM PDT · by bestintxas · 42 replies
    cnsnews ^ | 6/23/2011 | t. jeffrey
    Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.” The administration’s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year—including businesses that file taxes the same way individuals and families do. Geithner’s explanation of the administration's small-business tax plan came in an exchange with first-term Rep. Renee Ellmers (R.-N.C.). Ellmers, a nurse, decided to...
  • Live Greek Riots in Front of Parliament (tomb of unk) Constution Square (cnbc)

    06/21/2011 4:48:21 PM PDT · by longtermmemmory · 13 replies
    on air cnbc | 6/21/2011 | live
    live on the air police disperse crowd at constitutin square.
  • Spanish protesters launch anti-austerity marches

    06/20/2011 6:25:35 AM PDT · by markomalley · 23 replies
    AFP/Breitbart ^ | 6/20/11
    Spain's "indignant" activists launched Monday protest marches culminating in a major Madrid rally July 24, showing no let-up just a day after rallying an estimated 200,000 protesters. Seething over the destruction of millions of jobs, welfare cuts and corruption, the first of at least three nationwide marches set off from eastern Spain's Mediterranean city of Valencia. Activists from Valencia will march and cycle on a 35-day, 500-kilometre (300-mile) route winding through 29 cities and villages in eastern Spain before arriving in Madrid. On the route they will hold meetings "to bring the indignation to the interior of the Peninsula just...
  • Hoarding Euros May Seal Greece’s Fate (Updated)

    06/17/2011 10:11:27 AM PDT · by Slyscribe · 6 replies
    IBD's Capital Hill ^ | 6/17/2011 | Jed Graham
    This post, which originally ran in June 2010 and which is re-posted below, predicted that “the self-preservation of wealth in addition to sharp fiscal cutbacks may land the Greek economy into an untenable sinkhole on a relatively short time frame.” The reason: If Greeks believe that their country may abandon the euro, they have every reason to hoard their euros. Doing so, as explained below, would allow them to preserve some of their wealth before their earnings potential is inflated away. This hoarding, it stands to reason, is one factor behind Greece’s failure to meet its budget targets.
  • Austerity Works. A Response to Nobel Laureate, Paul Krugman

    05/30/2011 7:59:36 AM PDT · by SeekAndFind · 14 replies
    Daily Beast ^ | 05/30/2011 | Nial Fergusson
    In bemoaning the pain of fiscal responsibility, says Newsweek’s Niall Ferguson, the Democrats show they still haven't learned the lessons of Europe. To judge by media coverage, President Obama's whistle-stop European tour was largely recreational. In Dublin he reenacted the time-honored tradition of discovering his Irish roots. In London he took part in what felt like Royal Wedding: The Sequel. Meanwhile, in Washington, business went on as usual. The government continued borrowing money despite having breached its legal debt ceiling. Senate Democrats voted down Paul Ryan's plan to reduce the cost of Medicare, despite having no credible plan of their...
  • Portugal: Austere New Year

    05/04/2011 7:46:18 PM PDT · by bruinbirdman · 2 replies
    Jornal de NegóciosLisbon ^ | 5/4/2011 | Pedro Santos Guerreiro
    The 78 billion euro bailout plan announced on May 3 to help Portugal to avoid bankruptcy will likely not be as severe as feared by the Portuguese. Nevertheless, hard times lie ahead if they want to their country enjoy a new start, warns Jornal de Negócios. Portugal's Prime-Minister José Sócrates When Pedro Passos Coelho [leader of the conservative opposition] asked Brussels a few months ago if Portugal could have another year to reduce its deficit he was called immature, irresponsible and a destabilising influence. Yesterday, Portugal won precisely what he had asked for. Thank goodness. What are we going to...
  • Portugal's debt rating downgraded

    04/05/2011 10:27:17 AM PDT · by fruser1 · 1 replies
    The Belfast Telegraph ^ | 5 April 2011 | None identified
    Moody's has downgraded Portugal's debt rating again and warned that the debt-laden euro country may suffer another cut because of heightened political, budgetary and economic uncertainties. The agency said it had cut its rating on Portugal's bonds by one notch to Baa1 from A3 and placed the rating on review for another downgrade. The downgrade is Moody's second in less than a month and further illustrates the difficulties Portugal is facing if it is to avoid joining Greece and Ireland in seeking a financial rescue package. Moody's said the range of difficulties, including the upcoming general election on June 5,...
  • Portugal Votes To Reject Austerity, The Euro Is Tanking

    03/23/2011 1:38:50 PM PDT · by SeekAndFind · 15 replies
    Business Insider ^ | 03/23/2011 | Joe Weisenthal
    Just happening now. Portugal has voted to reject austerity measures. Next question now is whether the Prime Minister resigns. This was likely in the cards since earlier this week when the opposition announced its intent to oppose the plan. Tomorrow is an EU summit, and it's not clear who the leader of Portugal will be. The euro is diving on the news:
  • Austerity pulling plug on Europe's green subsidies

    02/07/2011 1:40:50 PM PST · by Ernest_at_the_Beach · 21 replies · 1+ views
    The Globe and Mail ^ | Wednesday, Jan. 26, 2011 7:15PM EST | Eric Reguly
    The Spanish and Germans are doing it. So are the French. The British might have to do it. Austerity-whacked Europe is rolling back subsidies for renewable energy as economic sanity makes a tentative comeback. Green energy is becoming unaffordable and may cost as many jobs as it creates. But the real victims are the investors who bought into the dream of endless, clean energy financed by the taxpayer. They forgot that governments often change their minds. Spain is famous for its housing bubble, whose bursting drove the national unemployment rate to 20 per cent-plus. Less well known is the renewable...