Is austerity working- and will it ever end?

[El Cid]

Do you know enough to question it?

 

Why not just google it and find out?

 

So you think a 20 minute Google and then you know all about it

 

---------- Post added 11-10-2018 at 10:40 ----------

 

https://www.theguardian.com/commentisfree/2017/aug/24/austerity-lie-deep-cuts-economy-portugal-socialist

 

 

In the second decade of the 21st century, the Portuguese economy suffered its most severe recession since the 1970s, resulting in the country having to be bailed out by the European Commission, European Central Bank and International Monetary Fund (IMF). The bailout, agreed to in 2011, required Portugal to enter into a range of austerity measures in exchange for funding support of €78,000,000,000. In May 2014, the country exited the bailout but reaffirmed its commitment to maintaining its reformist momentum. At the time of exiting the bailout, the economy had contracted by 0.7% in the first quarter of 2014; however, unemployment, while still high, had fallen to 15.3%.

 

https://en.wikipedia.org/wiki/Portugal#Economy

 

That was a quick Google, but I could be entirely wrong, as could you.

[Robin-H]

https://www.theguardian.com/commentisfree/2017/aug/24/austerity-lie-deep-cuts-economy-portugal-socialist

 

---------- Post added 11-10-2018 at 07:29 ----------

 

 

Do you know enough to question it?

 

Why not just google it and find out?

 

---------- Post added 11-10-2018 at 07:30 ----------

 

 

I didn't make any claim that we wouldn't ultimately need to stop running a deficit. I DID claim that austerity wasn't a quick route to achieving that aim, we still haven't achieved it have we.

 

I don’t take everything Owen Jones says as gospel..

 

Here’s another take on the situation with Portugal.

 

https://www.google.co.uk/amp/s/www.cnbc.com/amp/2017/08/02/how-portugal-came-back-from-the-brink.html

 

“Stubbs said that the economic recovery in Portugal has been mainly driven by the European Central Bank's policies rather than the Portuguese government.

The stimulus program from the ECB has meant the bank has been buying Portuguese bonds. At the same time, the ECB kept the euro lower, supporting exports.”

 

https://www.fraserinstitute.org/blogs/austerity-not-increased-spending-helped-lay-the-groundwork-for-portugal-s-recovery

 

“So Portugal is doing better. But it’s simplistic (to say the least) that a repudiation of austerity led to the improvements. In fact, one can argue that the austerity program laid the groundwork for Portugal’s subsequent recovery, and the recent loosening of government purse strings is a result of this economic improvement - not the other way around”

[Anna B]

I don’t take everything Owen Jones says as gospel..

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I like Owen Jones. He's a very clever bloke, an excellent speaker usually with the facts and figures at his fingertips, and a supporter of Corbyn's Labour.

 

Which is probably why he's not invited on TV programmes very often.

 

When a Labour person is required for 'balance' or comment, they usually wheel out old Blairites like Liz Kendall or Yvette Cooper ready to stick the knife between Jeremy's shoulder blades.

[phil752]

I don’t take everything Owen Jones says as gospel..

_________________________________________________________________________________________________

 

I like Owen Jones. He's a very clever bloke, an excellent speaker usually with the facts and figures at his fingertips, and a supporter of Corbyn's Labour.

 

Which is probably why he's not invited on TV programmes very often.

 

When a Labour person is required for 'balance' or comment, they usually wheel out old Blairites like Liz Kendall or Yvette Cooper ready to stick the knife between Jeremy's shoulder blades.

i often wonder why they don't have Corbyn ites on this week and such. I know that they used to have Abbot on, but she just mumble her way through the program and now she has got even less street cred to be listened to.

[Robin-H]

Absolutely. Cameron and Osborne might have claimed to be 'One Nation' Tories, but they were never close to being any such thing.

 

---------- Post added 11-10-2018 at 18:27 ----------

 

 

And I don't take everything the 'politically conservative, libertarian' Fraser Institute says as gospel, either.

 

And I don’t expect you to - obviously.

 

The point is that there are differing views as to what is behind the recovery of Portugal’s economy. It is misleading to just say that it is down to the easing of austerity by the new government, as there is good evidence to suggest otherwise..

 

---------- Post added 12-10-2018 at 10:03 ----------

 

i often wonder why they don't have Corbyn ites on this week and such. I know that they used to have Abbot on, but she just mumble her way through the program and now she has got even less street cred to be listened to.

 

They’ve also had Owen Jones on, but he’s since written articles in the Guardian attacking Andrew Neil for being right wing, so it’s not suprising he’s not been invited back much..

Edited October 12, 2018 by Robin-H

[Anna B]

And I don’t expect you to - obviously.

 

The point is that there are differing views as to what is behind the recovery of Portugal’s economy. It is misleading to just say that it is down to the easing of austerity by the new government, as there is good evidence to suggest otherwise..

 

---------- Post added 12-10-2018 at 10:03 ----------

 

 

They’ve also had Owen Jones on, but he’s since written articles in the Guardian attacking Andrew Neil for being right wing, so it’s not suprising he’s not been invited back much..

 

It's not just 'This Week,' there are plenty of political programmes Owen Jones could be on but isn't.

[Robin-H]

It's not just 'This Week,' there are plenty of political programmes Owen Jones could be on but isn't.

 

So? There are plenty of right wing journalists that you could say exactly the same about. Maybe he hasn’t been invited. Maybe he’s been invited but says no.

 

I actually think I see Owen Jones on TV a fair bit..

[woodview]

I didn't make any claim that we wouldn't ultimately need to stop running a deficit. I DID claim that austerity wasn't a quick route to achieving that aim, we still haven't achieved it have we.

At what point in time would you suggest is suitable to stop spending more than comes in, and begin to pay this eye-wateringly huge debt off?

[Anna B]

The National debt, now about 1.8 Trillion I believe, can never be paid off and never will be. The interest is increasing faster than we can pay it. The best we can hope for is that some of it will be written off (it won't be.)

 

Since the banking crisis the whole banking system seems to have gone mad and is not aligned to reality. Fiat money abounds and its value seems to be whatever the bank says it is. There is more money around than ever before but people are becoming poorer. More and more money is in fewer and fewer hands.

 

Another crash is in the offing apparently, and this time it will be even worse.

[tinfoilhat]

The National debt, now about 1.8 Trillion I believe, can never be paid off and never will be. The interest is increasing faster than we can pay it. The best we can hope for is that some of it will be written off (it won't be.)

 

Since the banking crisis the whole banking system seems to have gone mad and is not aligned to reality. Fiat money abounds and its value seems to be whatever the bank says it is. There is more money around than ever before but people are becoming poorer. More and more money is in fewer and fewer hands.

 

Another crash is in the offing apparently, and this time it will be even worse.

 

And what do you think will cause this crash?