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Paul Ryan’s Austerity.
House Budget Commitee chairman Paul Ryan (R-WI) says that his plan to slash government spending on programs for the poor while increasing defense spending and giving tax cuts to the wealthy would actually “prevent austerity.”
NBC’s David Gregory on Sunday pointed out that the debate over whether slashing budgets would grow the economy was not just happening in Europe, but in the U.S. as well.
“This question of austerity in Europe, they had failing economies, nearly depressed economies,” Gregory told Ryan. “The answer throughout the region was to slash their budgets. Has it failed?
The statement below is from Will Rogers on Doctors, Taxes, Testimony, and Trickle-down Economics.
“The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night, anyhow. But it will at least have passed through the poor fellow’s hands.”
This is what I believe
Mr. Paul Ryan has no idea the definition of austerity or the meaning of it.
1. the state or quality of being austere
2. (often plural) an austere habit, practice, or act
a. reduced availability of luxuries and consumer goods, esp when brought about by government policy
b. (as modifier) an austerity budget
The Free Dictionary
In economics, austerity refers to a policy of deficit-cutting by lowering spending often via a reduction in the amount of benefits and public services provided. Austerity policies are often used by governments to try to reduce their deficit spending and are sometimes coupled with increases in taxes to demonstrate long-term fiscal solvency to creditors.
Supporters of austerity predict that under expansionary fiscal contraction (EFC), a major reduction in government spending can change future expectations about taxes and government spending, encouraging private consumption and resulting in overall economic expansion.
Critics argue that, in periods of high unemployment, austerity policies are counter-productive, because deficit cutting reduces GDP (which typically means less tax revenue to pay off the debt); and that short-term stimulus is necessary to deal with deficits in the long-term.
From Wikipedia, the free encyclopedia
Everyone has their own opinion, this is mine.
You cannot create growth in the community by cutting taxes on the 1% and eliminating programs for the poor. That was tried once before, starting with Warren G Hardy and ending with Herbert Hoover which put this country into the great depression. Their model was “more business in government and less government in business.” Which did not work and our history shows us. We must not repeat history by putting the controlling Republican party in charge, which only goal is to defeat the working class. And remember the words of Will Rogers and Nick Hanauer who is a venture capitalist, is that economic success start’s at the bottom and worked its way up. But growth costs money, and nobody is willing to pay. The truth will come out in Europe with austerity is reversed and true growth will return to Europe.
The idea of increased spending for military defense instead of providing a means for a reasonable healthcare system in this country, at the minimum a public option for health care instead of for profit health care system is ludicrous and barbaric. Paul Ryan’s economic recovery plan of austerity will not work.