How will austerity lead to job growth?

When was the last time you heard talk about job growth? Occasionally the odd politician throws out a call for job creation, but honestly, do you see job creation really as the burning fire of any politician?

Me neither. It is all about deficit reduction. Suddenly we, and everyone else in the world, had to cut our deficits. We were on the brink of disaster. The world will end.

Now, I don’t assume to know what we should or should not do. I look to experts for advice. I listen to what they say, ponder it, and then come to my own decisions based on the facts I have. And to me cost cutting means retraction. Which means no growth…and is basically a bad situation for The Common Man (i.e., the 99%).

The odd thing is, that austerity isn’t working for a lot of other countries in the world either. Actually, is austerity working for anyone?

People suffer. Go on strike. Dreams are dashed. Lives ruined. But that’s OK. It’s all for the common good, right? Right? We (not all of us, just the majority) need to tighten our belts.

But guess what? It turns out that the experts decided austerity was wrong. Actually, a bad idea. Detrimental in fact. The IMF actually announced that its call for austerity was, um, misguided. Its call for austerity was based on wrong data, or at least wrong assumptions.

OK. Kudos to the IMF to re-examining the figures, seeing the error in their advice, and admitting their mistake.

Shame on the governments of the world that ignore this. And woe to the people who have to suffer through politicians not being willing to change course. It seems to be the nature of the world today where the grays have disappeared and a change in position is unacceptable.


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