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View Diary: MONTAGE: George Carlin Nails the Right Wing, Banking Criminals & A Solution (12 comments)

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  •  Iceland Got it right, Ireland forced on wrong path (1+ / 0-)
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    FG

    Read Krugman today

    Krugman looks at the example of Ireland, which followed the austerity program pushed by the Germans and so valued by advocates of things like the Ryan budget proposal.  

    THe Irish lost 28,000 public sector jobs, which when extended proportionally to the population ratio between Ireland and the U. S. would equal laying off 1.9 million public sectors workers here, and the result?  Ireland's unemployment rate (U-3 model) is at 14% -

    Ireland’s experience shows that austerity in the face of a depressed economy is a terrible mistake to be avoided if possible.

    ICELAND UNEMPLOYMENT down to 7.1

    Ireland Unemployment Rate is almost 14.5

    ICELAND GOT IT RIGHT THE FIRST TIME.

    It's difficult to be happy knowing so many suffer. We must unite.

    by War on Error on Fri Jun 15, 2012 at 04:05:42 PM PDT

    [ Parent ]

    •  Yeah, b/c they just happened to have the (0+ / 0-)

      currency to devalue. But it certainly helped with the unemployment.

      •  The currency devaluation, by the way, (1+ / 0-)
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        FG

        suuuucks.  Well, not for me, but for most people here, esp. combined with the imposed foreign currency restrictions.  It says to everyone, "Hey, guess what?  You're going to lose your savings and goods are going to get about 40% more expensive in the middle of a recession - enjoy!"

        Not saying it was necessarily the wrong choice.  But that doesn't mean it's a nice happy thing.

    •  Actually, Iceland's unemployment rate is 5.6%. (0+ / 0-)

      Your link is out of date.  But that's totally misleading.  Iceland has always had an abnormally low unemployment rate, sometimes even below 1%.  The highest it had ever been in the modern era before the crisis was something like 4.5%  So quoting it and saying "Look at how low it is!" is misleading.  Also making the numbers misleading is that there's always a big surge in summer jobs, since summer is the tourist/vacation season.

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