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View Diary: Abbreviated Pundit Roundup: The Republican push for austerity (59 comments)

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  •  "Austerians" (8+ / 0-)

    I see what Krugman did there :-)  

    The thing about quotes on the internet is you cannot confirm their validity. ~Abraham Lincoln

    by raboof on Fri Apr 27, 2012 at 04:52:19 AM PDT

    •  Austerians are members of a cult (1+ / 0-)
      Recommended by:
      cybersaur

      just like Mormons, Christians and Satanists.

      •  It may also relate to Austrian Economists (4+ / 0-)
        Recommended by:
        raboof, Dallasdoc, lcbo, joe wobblie

        Ron Paul, for example, speaks of the Austrian school of economics represented by Von Mises and Hayek. They are definitely members of a cult.

        I am guessing about this, though. Corrections appreciated.

        Democrats stand for Liberty, Security, Support of Families and Opportunity Whiskey Tango Foxtrot - over

        by Rick B on Fri Apr 27, 2012 at 05:28:17 AM PDT

        [ Parent ]

        •  Austerians = people who believe (2+ / 0-)
          Recommended by:
          lcbo, Rick B

          that economic austerity leads to economic expansion.  Krugman's article is an effort to prove the fallacy of this argument by relating what the imposition of austerity measures has done - and continues to do - to the economies of Europe and the UK, and what it would do if implemented, as the Republicans plan to do, in the US.

          Krugman has been sounding the alarm about this in his blog since the Republicans began insisting on deficit reduction as the way out of our economic problems.  He used his blog to attempt to re-educate Obama when the president showed signs of agreeing that the deficit was a huge problem, and he went absolutely ballistic on the Ryan budget (and Ryan himself), when the Ryan budget was rolled out in the House.

          "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

          by SueDe on Fri Apr 27, 2012 at 06:06:05 AM PDT

          [ Parent ]

          •  I have been following Krugman's discussion (2+ / 0-)
            Recommended by:
            joe wobblie, SueDe

            but I was wondering if there was a combined play on words here. Both austerity and Austrian Economics resemble Krugman's "Austerian."

            The Austrian school does not believe that economic models are effective or that statistics is of any value in economics. Followers of that school have been important in arguing against the Keynesian economic model.

            They are also often found arguing for laissez-faire economics. Retired Senator Phil Gramm wrote his Ph.D. Dissertation based on the Austrian School economics so it was short (79 pages) and had no statistics in it. Gramm, you will remember, was the chair of the Senate Banking Committee and wrote the law ending Glass-Stegall. His wife was on the board of Enron, and last heard Gramm was a vice President of the Swiss Bank UBS.

            I can't help but think that Krugman's term "Austerians" includes some connection to the discredited Hayek/Von Mises Libertarianism.

            Democrats stand for Liberty, Security, Support of Families and Opportunity Whiskey Tango Foxtrot - over

            by Rick B on Fri Apr 27, 2012 at 11:29:59 AM PDT

            [ Parent ]

        •  "laissez-faire" (2+ / 0-)
          Recommended by:
          Rick B, blueoasis

          Let me guess _
          This erstwhile midwife's plan would be 'supply-side economics' and the total deregulation of Wall Street.
          He needs to keep his Bob Hope nose up babies asses and go trickle down elsewhere...

          ! The swinistic greed and racial hatred of the American ruling elite is abysmal !

          by joe wobblie on Fri Apr 27, 2012 at 08:03:39 AM PDT

          [ Parent ]

    •  This spring the Brookings Institution (7+ / 0-)

      hosted a panel on Economic Activity.  At that event Brad DeLong and Laurence Summers presented a paper they had co-authored, Fiscal Policy in a Depressed Economy.  The Abstract alone is worth a few minutes' reading time.

      This paper is the basis for the arguments now being put forward regarding the mistaken belief that economic austerity can be expansionary when an economy is in a state of depression.  The argument's truth is now on display in the UK and the periphery economies of the Eurozone that are hitting the wall and sliding back into a double dip recession.

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Fri Apr 27, 2012 at 05:21:14 AM PDT

      [ Parent ]

    •  Question Mark and the Austerians (0+ / 0-)

      Reminds me of the great garage band hit,
       "96 Tears"

      Too many teardrops
      For one heart to be crying
      Too many teardrops
      For one heart to carry on

      You're gonna cry ninety-six tears
      You're gonna cry ninety-six tears
      You're gonna cry, cry, cry, cry now
      You're gonna cry, cry, cry, cry
      Ninety-six tears

      The red tide of ignorance and hatred stopped at the Sierra Nevadas.

      by Aeolus on Fri Apr 27, 2012 at 05:41:41 AM PDT

      [ Parent ]

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