[lbo-talk] Kerry: Practicing Austerity Even Before Getting Elected

Doug Henwood dhenwood at panix.com
Thu May 13 07:10:35 PDT 2004


Yoshie Furuhashi wrote:


>Kerry: Practicing Austerity Even Before Getting Elected

I think it's time to get past the simple equation that fiscal balance = austerity and fiscal deficit = nonausterity. The state of the bizcycle and the composition of revenues and expenditures are what matter. The Swedish social dems almost always balanced the budget during their heyday. Real wages fell during the red-ink-ridden Reagan days, and rose during the Clinton black-ink days. The working class is hardly thriving under Bush's deficits.

Doug



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