August 5th, 2011
Because this point won’t be made by the corrupt and rotten media (too truthy): Every country that’s tried austerity has had their economy get worse. The more harsh the austerity, the worse that country has fared. CNBC analysts blamed the market troubles on a European economy that looks like it’s going to fall off another cliff, and Europe is largely the poster child for the kind of austerity we just enacted. The few countries that practiced stimulus all fared better, with the United States near the top in spending and near the top in recovery metrics, really only trailing Germany because of a good export market. So naturally the GOP forced Congress to reverse course and enact serious austerity measures. Within 48 hours, the Dow crashed and a NYT/CBS News poll finds the the highest disapproval of Congress in history, at 82%. This, after GOP leader Speaker John Boehner bragged that his party got 98% of what it wanted from the debt ceiling deal.