“The boom, not the slump, is the right time for austerity. Even if you have a long-run deficit problem, slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression,” says legendary economist John Maynard Keynes.
In her announcement speech to run for Congress (NY25), Maggie Brooks made it clear that she wants to reduce the size of government. What she really means is she wants to privatize public services, dismantle organized labor and reduce their political strength.
The Brooks austerity drive for shrinking the size of the government isn’t really about good government at all — it’s about using deficit panic as an excuse to eradicate social safety-net programs that take care of our poor, disabled and elderly. It’s also part of her long-term strategy to eliminate public sector jobs.
When you take on austerity measures for local, state and federal governments, the result is that everyone’s income falls — my income falls because you’re spending less, and your income falls because I’m spending less. And, as our incomes plunge, our debt problem gets worse, not better. It is called the race to the bottom.
No one wins here except the rich people Maggie is trying to protect — her donors. These are the very people who are insulated from any financial harm regardless of a weak economy.
Leading economists like Paul Krugman say shrinking the size of government in a recession is a horrible idea. All you have to do is look across the pond to see how austerity budgets have crippled the quality of life for its residents, especially in Greece, Spain and Britain. All you need to do is see what countries have weathered the storm best. Right at the top of the list you’ll find pro-government nations like Sweden and Austria economically thriving.
Krugman warns that politicians like Maggie Brooks who promote an austerity agenda will do irreparable harm to the economy. And there’s a clear moral to this story: When the private sector is frantically trying to pay down debt, the public sector should do the opposite, spending when the private sector can’t or won’t. By all means, let’s balance our budget once the economy has recovered — but not now. I wholeheartedly agree with Keynes: The boom, not the slump, is the right time for austerity.
Ove Overmyer of Rochester is president of CSEA City of Rochester Library Workers Local 828 Unit 7420.
“The boom, not the slump, is the right time for austerity. Even if you have a long-run deficit problem, slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression,” says legendary economist John Maynard Keynes.
In her announcement speech to run for Congress (NY25), Maggie Brooks made it clear that she wants to reduce the size of government. What she really means is she wants to privatize public services, dismantle organized labor and reduce their political strength.
The Brooks austerity drive for shrinking the size of the government isn’t really about good government at all — it’s about using deficit panic as an excuse to eradicate social safety-net programs that take care of our poor, disabled and elderly. It’s also part of her long-term strategy to eliminate public sector jobs.
When you take on austerity measures for local, state and federal governments, the result is that everyone’s income falls — my income falls because you’re spending less, and your income falls because I’m spending less. And, as our incomes plunge, our debt problem gets worse, not better. It is called the race to the bottom.
No one wins here except the rich people Maggie is trying to protect — her donors. These are the very people who are insulated from any financial harm regardless of a weak economy.
Leading economists like Paul Krugman say shrinking the size of government in a recession is a horrible idea. All you have to do is look across the pond to see how austerity budgets have crippled the quality of life for its residents, especially in Greece, Spain and Britain. All you need to do is see what countries have weathered the storm best. Right at the top of the list you’ll find pro-government nations like Sweden and Austria economically thriving.
Krugman warns that politicians like Maggie Brooks who promote an austerity agenda will do irreparable harm to the economy. And there’s a clear moral to this story: When the private sector is frantically trying to pay down debt, the public sector should do the opposite, spending when the private sector can’t or won’t. By all means, let’s balance our budget once the economy has recovered — but not now. I wholeheartedly agree with Keynes: The boom, not the slump, is the right time for austerity.
Ove Overmyer of Rochester is president of CSEA City of Rochester Library Workers Local 828 Unit 7420.
