Austerity Will Worsen the Crisis

William Mitchell, The Nation
When President Obama announced in December 2009 that “We don’t have enough public dollars to fill the hole of private dollars that was created as a consequence of the crisis,” the leader of the largest economy in the world told us that, despite having caused the worst economic crisis in eighty years, neoliberalism was still firmly in charge. The global economic crisis might suggest that the neoliberal promise—that markets can self-regulate and deliver sustained prosperity for all—was a lie. But that doesn’t seem to have...

Source: http://www.realclearpolitics.com/2011/03/19/austerity_will_worsen_the_crisis_252312.html

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