The Global “Severe Recession”

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The Organization for Economic Cooperation and Development issued a warning to the 17-nation eurozone today – saying that there’s a good chance of a “severe recession” this year if governments and the European Central Bank don’t act quickly to promote economic growth. That’s the same message the IMF had for the U.K. today – calling on the British government to slow down on the austerity and pass stimulus measures to boost demand and grow the economy.

Europe is sinking under the weight of vicious austerity measures in places like the U.K., Spain, and Greece that have led to economies contracting, unemployment surging, deficits growing, and suicide rates spiking. Here in the United States – the Paul Ryan Republican budget would have similar effects. Despite Ryan arguing that his budget isn’t austerity, an analysis by the Economic Policy Institute found that the budget would kill 4.1 million American jobs.

But Ryan is half-right – his budget isn’t total austerity. It’s only austerity for working people, as the Romney super-rich make off like bandits under his plan with a $3 trillion tax cut.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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Dec. 29, 2009 9:59 am

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The 1% need and want this "Depression-Recession",it keep them in power.Our little donations put Obama in the White House,imagine what the 99% will do with any kind of good economy? The 1% know the party is over,they have very little time left.They keep this mess going and "rope a dope" the 99% with a bad revolution/revolt or/and start a major war with major countries to keep there power.Left & right politics mean nothing to the 1%,the only god they believe in is, "Power".It take power to respect power, the 99% power is money.They(99%) control and give/invest in themselfs,the 1% will have "no power".

tayl44's picture
tayl44
Joined:
Jul. 31, 2007 3:01 pm

The Global "Severe Recession" is a FARCE!

Fletcher Christian's picture
Fletcher Christian
Joined:
Feb. 15, 2012 11:49 am

could you expound on it. Farce in that it will not happen? or it is going to be far more severe? Maybe we can have a dialogue regarding global economy and why we are headed toward a major collapse.

smilingcat
Joined:
Sep. 23, 2010 8:14 am

They need to get out of the euro.

Central banking is evil, it always has been, it always will.

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antikakistocrat
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The other way we're subsidizing Walmart...

Most of us know how taxpayers subsidize Walmart's low wages with billions of dollars in Medicaid, food stamps, and other financial assistance for workers. But, did you know that we're also subsidizing the retail giant by paying the cost of their environmental destruction.

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