The Austerity Issue

20 December 2013 |permalink | email article

Paul Krugman has pointed out that it’s true that the human cost has been nothing like what happened during the 1930. But that’s thanks to government policies like employment and a strong social safety net—the very policies austerians insisted must be dismanteled in the name of “structural reform.” The depressing effect of austerity is, in short, as clear a story as anything in the annals 0f economic history. Perhaps the most brazen example is George Osborne, Britain’s chancellor of the Exchquer, and the prime mover behind his country’s austerity agenda.

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