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View Diary: Nobody could've predicted that slashing budgets crashes economies (151 comments)

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  •  The Republican Narrative Has Won (1+ / 0-)
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    Actually, people are not surprised because they don't believe that austerity caused the economic downturn. The Republican story about the free market has won the Democratic view (basically by default because the Democrats don't have a narrative). Thus, when the facts don't fit the story, the people don't change the story, but assume that the facts are wrong.

    •  Democratc Narrative Is Pro-Austerity (0+ / 0-)

      Since at least the time of the Catfood Commission. Obama himself back when he was in the Senate voted against raising the debt ceiling:

      “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.” - Senator Obama

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