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Why the Argument for Austerity Took a Big Hit Yesterday

In the years following the financial crisis, America has been obsessed with debt. Hurting from the crisis, consumers and businesses have been busy paying off debt, while the federal government has ramped up its borrowing through a combination of stimulus spending and lower tax revenue. And of course all this new government debt — which has reached 73% of GDP and is expected to remain roughly at that level for the next decade — has many policy makers and citizens deeply concerned, to say the least. But exactly how concerned we ought to be over that debt level — and how radically we need to act to reduce it — remains hotly debated. Governments obviously need to be able to borrow, and nearly every government does so. But experts have reached no clear consensus over how much (relative to the size of its economy) a nation can safely borrow. That is, no consensus had begun to emerge until the appearance in 2010 of a paper, by economists Carmen Reinhart and Kenneth Rogoff, called “Growth ...

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Found 1 month ago on channel TIME Moneyland

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Europe’s Workers Stage Austerity Protests

BRUSSELS — Workers across the European Union sought to present a united front against rampant unemployment and government spending cuts Wednesday with a string of strikes and demonstrations across the region. However, while austerity-hit countries such as Spain and Portugal saw a high turnout of striking workers, wealthier countries like Germany and Denmark experienced only piecemeal action. To combat a three-year financial crisis over too much debt, governments across Europe have had to cut spending, pensions and benefits and raise taxes. As well as hitting income and living standards, these measures have also led to a decline in economic output and rapidly rising unemployment. The 17 countries that use the euro are expected to fall into recession when official figures are released Thursday. Meanwhile, unemployment across the eurozone has reached a record 11.6 percent with countries like Spain and Greece hitting the 25 percent mark. With no end in sight to the economic hardship, workers ...

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Found more than 1 month ago on channel TIME Business

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