Republican austerity plan: Just as bad for US as Europe

Republican austerity plan: Just as bad for US as Europe

Washington : DC : USA | May 08, 2012 at 8:03 AM PDT
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Krugman Discusses US Economy, Austerity Measures: Video

In the face of Europe's disastrous results from austerity measures' deep budget cuts, 2012 Republican presidential hopeful Mitt Romney still supports Rep. Paul Ryan's austerity budget plan, which would likely do more harm than good to the US economy.

Americans who know that starving the country with austerity measures is a recipe for disaster are hoping that the hard sell conservative advertising of the 2012 campaign season, will not convince voters to repeat the bad economic policy currently unfolding in Europe.

Economist Paul Krugman wrote in the New York Times that deep spending cuts, like those the Republicans have been suggesting to solve America's debt issues, will not have any better results than they have in France, Greece, or Ireland. And the UK is now experiencing a double-dip recession, as a result of their unpopular austerity measures.

"Claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years. So spending cuts in a depressed economy just make the depression deeper," Krugman said.

So why then are Republicans pushing for austerity measures which have clearly had the complete opposite effect of their intended purpose?

The answer may be as simple as ignorance, or as complicated as finding a way to convince voters that somehow austerity measures will work in the US. At the same time, 2012 conservative candidates must also pander to their Citizens United-funded Super Pac's, who want more tax cuts for their interests, paid for by more cuts to entitlement, environmental safety, and education programs, among others.

What the US and Europe have in common is that both are being run by bankers who have little interest in anything but their own bottom line. As they did in 2008, they will bring the economy to its knees if they stand to gain short-term profits.

Europe's debt crisis should be a red flag for Republican candidates. But instead of running away from austerity measures that are virtually guaranteed to cause disaster, they embrace them and continue to tell the American public that drastically shrinking government spending is the answer.

Government spending cannot be eliminated or suddenly drastically cut from any economy. All you have to do is look at Europe for evidence of that. But like puppets, American politicians are paid by lobbyists to do their bidding. In this case, if voters believe the claims of political advertising for austerity measures as the means to solve America's debt issues, what they will get will not be a balanced budget.

"There seems to be little if any gain in return for the pain," said Krugman. And there are crumbling European economy's to prove he is right.

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Republican austerity plan: Just as bad for US as Europe
itobin53 is based in Tampa, Florida, United States of America, and is an Anchor on Allvoices.
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