"Austerity for Dummies:" The guide you've been wanting

[LongTomH]

From Crooks and Liars: http://crooksandliars.com/richard-rj-eskow/austerity-dummies-3-minute-guide-

As the introduction to the article states:

"I feel stupid," someone said the other day. "I consider myself well-informed, but I have no idea what the term 'austerity economics' really means."

Actually it's not that complicated, and most of the lesson plan can be found in today's headlines.

<snip>

It's certainly worth knowing. Despite its many failures, "austerity economics" keeps remaking - and unmaking - the global economy. The only disagreement at this weekend's Republican debate was over which candidate would push austerity more aggressively. And austerity dominated the political agenda last year - "Deficit Commission," anyone? - until Occupy came along.

Merriam-Webster named "austerity" the "Word of the Year" for 2010. But like the monster from a 1950's science-fiction movie, it just keeps on growing. This week alone the name was invoked in government houses from Athens to Lagos.

The "Austerity for Dummies" guide goes on to answer the major questions anyone would ask about austerity:

1. What is it?
   
2. What's austerity supposed to accomplish?
   
3. What's the theory behind austerity economics?
   
4. Do these theories make sense?
   
5. Does austerity work? (The answer is a resounding no!
   
6. Why do people still push austerity?

The answer to the last question is obvious:

Some do it because they're still under the influence of economists indoctrinated in that profession's conservative intellectual orthodoxy.

It's also in many politicians' interests to promote austerity, since wealthy and powerful people like the idea of lowering their own taxes.