Eurozone has slipped into a double dip recession. AUSTERITY MUST GO!!!

[RomneyLies]

Just saw it on CNN. The Eurozone is now in a double dip recession.

And we will follow soon if we take the path of austerity.

Call your members of Congress and the Senate and DEMAND that austerity be taken off the table. Better to go over the fiscal cliff than accept austerity!

[newfie11]

1. Damn right

It may take more than just calling congress/senate and the white house to get this point across. I am not sure the people of America are willing to protest in mass at this point and by the time they are it will be to late. The grand bargain will be passed.

[RomneyLies]

2. If the US goes down the road of Austerity, we will slip into a Global Depression

No ifs, ands, or buts about it. Austerity kills economies.

[Blecht]

3. I find it hard to believe that the leaders of the world can be so stupid

Really, anybody can see that austerity is exactly the opposite of what should be done. The only reason for austerity is to make the weak suffer for ... what? The sadistic pleasure of those in power?

We are ruled by nasty people.

[Fire Walk With Me]

19. If you see them as tools of the banksters who are using "austerity" to pull in billions, if not

trillions of dollars off of the scam, then it all makes sense. "Disaster Capitalism".

[Blecht]

22. I think that's a fair assessment

I really think they view the suffering of the masses as an added bonus of their strategy.

Scare people, steal all their money while they're distracted, and enjoy their suffering. Who could ask for anything more?

[fasttense]

4. Austerity is nothing but a scam

Designed so that the illegitimate debt of the uber rich are paid for by the workers.

[laundry_queen]

5. Bingo!

Anyone who knows anything about economics knows austerity during a downturn is the WRONG thing to do. Most leaders know quite a bit about economics so I'm going to hazard a guess and say they are profiting from austerity somehow and I think you hit the nail on the head - they want the non-rich to pay the rich's gambling debts. Privatize profits, socialize the losses etc.

[valerief]

7. Yep! nt

[Dustlawyer]

6. That's what happens when you try to cut your way to prosperity. You can only send a little to

debt reduction as well b/c there is no $.

[RomneyLies]

8. And revenues continue to spiral down the toilet as fewer people have income to be taxed

It's pure idiocy and has been proven to be pure idiocy time and time again.

[MNBrewer]

9. Greece would have been so much better off had it fled the Euro when this stuff started.

[pampango]

14. The 'problem' is that 75% of Greeks want to keep the euro.

...opinion polls show that, while over 75 percent of Greeks are in favour of retaining the euro, more than 60 percent are against the austerity measures that such a course would seem to imply.

http://www.periscopepost.com/2012/05/in-greece-the-far-left-is-becoming-the-far-right/

[Hydra]

20. That's so weird

The people rioting there get that the Euro is what brought them the problems.

Or maybe they don't? I'm lucky that I understand economics, and see why having private banks finance countries is just STUPID.

[MNBrewer]

25. I guess there's a reason that the word "paradox" is Greek in origin.

[davekriss]

10. Doesn't the fiscal cliff result in austerity?

It takes money out of the economy in 2 ways, (1) additional taxes not collected since the Clinton years, and (2) sequestration, reducing government services and jobs related to those services.

Both will push us into recession. Knowing this, the Dow has shed a thousand points.

[newfie11]

11. no

it reverts to higher taxes just like during Clinton, You know how well that worked (until brush got in)

[davekriss]

12. Raising taxes/cutting spending is anti-keynesian

It is the reverse of stimulus. Personally I am all for going off the cliff, but until sequestration is (subsequently) reversed, it will dampen economic activity. Cmon' man, read Keynes. Read Krugman, for that matter.

(However I do fully believe that what we have taking place is good ol' Chicago School Shock Doctrine!)

[newfie11]

23. If we go over the cliff

That increases revenue 950 billion (per Hartman). Then I would think the repugs , having lost all their tax write offs, would be more than willing to work with the Dems.

I am very familiar with shock doctrine and two Santa clause theory. That is partly why we are in this mess now.

[davekriss]

13. Postscript

I am all for going off the cliff because of the mandatory and significant cuts in defense spending. Return to Clinton-era taxation is pretty cool too. But it is anti-stimulative and thus austere in effect.

[MNBrewer]

26. it also cuts spending.

[Romulox]

15. It's probably not a "double dip"--they probably never left recession in the first place. nt

[JCMach1]

16. Most countries didn't

[Hydra]

21. I vote for deeper dip

And "Depression" rather than "Recession"

Recession is what we have when they take a small chunk out of the economy.

[gravity]

17. Going over the fiscal cliff is austerity

You are raising taxes and cutting spending which will suppress the economy. The taxes on the rich won't have a major impact, but the ones on the middle class will.

The only good thing is that it is the type of austerity that Republicans hate, so they will come to the table to negotiate, but it is still austerity. If a deal isn't reached soon enough, we will experience a double dip recession too.

[newfie11]

24. You don't need to cut spending

If you raise taxes! Are you saying the billionaires are going to go broke because they have to pay their share?

[gollygee]

18. They like it when there's an economic crisis

because they hope we'll get scared enough to let them do anything they want. And what they want is to have a completely free market with absolutely no oversight or regulation so they can manage to get all money in the country to the richest people at the expense of everyone else. Don't fall for the hype.