Tom Ferguson: Austerity At Home & Abroad: Obama Sells Politics of Austerity

On the debt ceiling debate, Tom says that while a deal must made, President Obama’s approach is “Alice in Wonderland” logic and “there is just no justification for the type of package the president is proposing.” To tackle the deficit intelligently, “you could try stimulating the economy, getting people back to work, and getting tax revenues up. But the White House long ago decided not to do that.”

snip

....as the eurozone crisis deepens, Tom maintains that austerity is not a one-size-fits-all solution. Instead, he says “it’s the unwillingness to confront the banks and the demands that they have no haircuts … that is bringing this whole show down.” He adds that “The sort of worldwide press for austerity is simply killing growth. It’s making it impossible to pay any of these debts, and it’s just enlarging deficits around the world.”

http://www.newdeal20.org/2011/07/15/tom-ferguson-takes-on-austerity-at-home-and-abroad-51862/


http://www.youtube.com/watch?v=4l9CMuvAXYg&feature=player_embedded#at=85

You people are really funny.