This tag is associated with 6 posts

Austerity Holding Back US Recovery as GDP Growth Revised Downwards to 1.8%

(Analysis) The US BEA revised downwards the rate of growth (annualized) during the first quarter of 2013 by 0.6% to 1.8%. This is a relatively large revision for a third and final revision to real GDP, so it is safe to assume that this new estimate is a surprise to many observers. The BEA identifies … Continue reading

More Evidence of WNY Austerity

(WNY) Recent WNY-WJ content showed total government employment down in the Buffalo-Niagara Falls, NY area since the recession, suggesting evidence locally for the now-discredited policy of austerity – where government spending is slashed in the hope of improving economic performance through lower deficits. This new evidence is more direct. It is an index – where … Continue reading

Plucking the Feathers From Deficit Hawks

(Analysis) Recent events have changed the tenor of the budget debate worldwide. We are witnessing a moment when the entire support structure upon which the belief that there is a short-term debt problem rests, crumble. Each new day brings more data confirming both low borrowing costs for the US Government and no inflation problem in … Continue reading

Local Area’s Austerity Is Bad Medicine

(WNY) As many advanced economies of the world suffer unnecessarily through self-imposed austerity – where government spending is cut in the mistaken hope of spurring economic growth through lower deficits during a time of poor economic performance, there is evidence in government statistics to show that austerity is happening locally in the Buffalo area. The … Continue reading

Economists Embarrassed, Austerity a Much Less Credible Policy

(Review) Researchers at the University of Massachusetts Amherst failed to replicate the results of a 2010 study that was widely cited to support the policy of austerity, where government budgets are slashed in an attempt to improve economic performance through reducing levels of government debt. The researchers at Amherst informed the authors of the 2010 … Continue reading

Europe’s Woes a Lesson for Budget Hawks

(Analysis) At the direct instigation of Germany, many eurozone countries are being forced to swallow a bitter pill: government budget cuts at a time of recession and high unemployment. The remedy of drastic cuts to government spending in order to balance a government’s budget during a recession is being forced again – this time on … Continue reading

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