June 13, 2012

Austerity - It's Coming whether We Like It or Not

By W.A. Beatty
The result of the Greek parliamentary elections in May is a repudiation of the policies and politics of austerity.  The Coalition of the Radical Left (SYRIZA), which experienced Greece's greatest political gain, campaigned on an anti-austerity platform.  SYRZIA says it wants to substantially increase investment in infrastructure, education, and other social programs.  (Sound familiar?)  It also wants to renegotiate austerity measures with the European Union approved by previous Greek governments.  Any new Greek government intent on continuing the austerity policies of the EU will face massive opposition from a majority of the Greek population. France's new president, François Hollande, said that the austerity-only policy of government budget cuts, championed by former French president Nicolas Sarkozy, must be combined with policies of growth fueled by government spending.  Hollande said that the austerity-only policy as the prescription for curbing a...(Read Full Article)