Paul B. Farrell: Warning: America’s new Age of Austerity starts now [View all]

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Warning: America’s new Age of Austerity starts now
Commentary: Denials, delays will deepen the impact

By Paul B. Farrell, MarketWatch

SAN LUIS OBISPO, Calif. (MarketWatch) — Warning, tighten your belts, America’s new Age of Austerity is already here, today. There I said it. I admit it. And you better too. Prepare now. Could be like the 1930s depression austerity.

You’ve seen the warnings all across the major newspapers about a global slowdown. But why no warnings of austerity dead ahead? Why? America’s still deep in denial. We prefer happy talk to the truth. No, nobody will get honest about austerity till after the elections. Then it’ll hit hard.

Wake up. You were warned: America’s new Age of Austerity is already here.

Till the elections, nobody else will tell you the truth about what comes with this slowdown: Plan on classic economic austerity. Maybe not austerity as deep as the euro zone’s Spain and Greece. Yet maybe deeper than the 1930s as Nobel economist Paul Krugman writes in his new book, “End This Depression Now.” ..................(more)

The complete piece is at: http://www.marketwatch.com/story/warning-americas-new-age-of-austerity-starts-now-2012-05-29?dist=beforebell