Like the chorus of a drama played out in some ancient Athenian amphitheater, Europe's politicians and pundits chant that the Greeks deserve their fate; they violated the sacred dictum of the Gods of Finance -- that countries must not live beyond their means. Therefore, they must be punished.
Every day brings more headlines in the European debt drama: "Greece elects anti-austerity government." "Greek Finance Minister says he won't negotiate with the 'Troika.'" "Anti-austerity movements gain ground across Europe." What's behind these stories? What does the future hold? Are there any implications for the U.S.? Here's an overview of the situation as it currently stands.
Schaeuble's refusal to change is the latest example of a long-lasting German fetish for austerity, tracing back to the years
Washington's Multiple Hostage-Takings, Betrayals & The TPP Corporate Power Grab: Failure of Political Duopoly Cries for Alternatives
The consequent wealth concentration at the top coupled with worker insecurity are symptoms of economic crisis, as well as a crisis of democracy.
Repealing the sequester would create economic dividends. Canceling sequestration would increase third quarter GDP in 2014
Promoters of austerity assert that when government deficits reach a certain critical level, economic growth becomes un-sustainable. Advocates of growth contend that austerity itself stifles growth.
A new study by the Center for American Progress, a left-leaning think tank, estimates that today's austerity measures are going to leave the U.S. economy with 2 million fewer jobs and $433 billion less in economic growth by 2019.
As you can see in the chart, less than 58 percent of the U.S. working-age population is either working or looking for work
Simpson and Bowles and austerity's other sales people aren't really economic thinkers. They're paid to pitch a product. They didn't invent austerity any more than Alex Rodriguez invented Pepsi. But what they're peddling isn't a soft drink. It's a lot worse for you than that.
The research discrediting the Reinhart-Rogoff study is upending the economic policy discussion everywhere. Everywhere, apparently, except for HBO's new series Vice.