What Part of 'Austerity Isn't Working' Don't People Get?
That's the title of Bernstein's latest article on the austerity scheme at Rolling Stone Magazine.
He's pretty clear: Pulling the plug on public spending while trying to recover from a recession tanks economies, and there's clear cut evidence for that happening right before our very eyes.
"Europe and the U.K. are committed to austerity, and – not coincidentally – they've seen growth deteriorate and unemployment jump (to over 20 percent in Greece and Spain)."
Yet Republicans continue to insist that their way is the right way by shouting "Government Spending! Government Spending!" as if it were an unspeakable scourge on our economy.
They're wrong when it comes to recessionary spending. You can see that ... clearly ... as it plays out in real time. This is a case where you need to be listening with your eyes and not with your ears. Your ears can deceive you—your eyes will not.