Paul Krugman’s Misguided Moral Crusade Against Austerity | New Republic.
The whole so-called austerity debate is bogus to say the least because it’s not real. And I’ll give you can example of that if the Federal Government were suppose to increase funding in. Medical-research something I and most Americans probably support by let’s say five percent for 2014. But that increase instead was four percent after Congress and the President finishes appropriations. So-called Progressives would call that a cut and mean-spirited austerity. Just like if we were suppose to cut taxes by let’s say five percent across the board and the Congress and the President. Changes that to four percent the Tea Party would call that a tax increase. So there’s demagoguery on both sides from both fringes in both parties. What Congress both the Republican House and Democratic Senate are talking about is deficit-reduction and reducing the national debt. Getting those things under control and they both have different plans to accomplish that but neither party. Is talking about slashing the Federal-budget by twenty percent across the board or overall but making targeted cuts. And the Democrats want to bring in new revenue from targeted areas as well through tax-reform.
Today the federal budget is roughly four trillion dollars making it the fourth or fifth largest economy in the world. If it were an economy and ten years ago with was a little over two trillion dollars. So no one is talking about cutting the federal budget but fifty percent at least one in power with the ability to pass a plan like that. Both sides whether you like the plans or not and I’m not crazy about either plan but I think the Senate Democrats have a good starting point. Are talking about getting the national debt under control meaning it’s no longer growing faster then. The economy and it along with the deficit are both coming down by the end of the decade. If both sides were talking about austerity they would have plans to eliminate the deficit in one or two. Years which would mean gutting the defense-budget and the entitlement-programs. And raising taxes across the board on everyone things no one except for maybe the Progressive Caucus in Congress and. The leadership in the Green Party want to do when it comes to defense and taxes.
Austerity is basically and slash and burn approach to paying down debts and deficits and even if you look at the House Republican budget. They do not do that to the federal budget overall but target welfare-programs and environmental-protection. Where most of the money isn’t and are not looking to erase the debt and deficit within a few years but attempting even though there plan. Would come up way short of doing these things over ten years. So both fringes in both parties like to talk about austerity and perhaps use it against the other party. But neither side is interested in actually doing it.