Austerity is Bad

Biderman on austerity.

Austerity is becoming a dirty word. Nobody wants austerity. Wikipedia says austerity is a policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided. Really, I am shocked to learn that Europeans who have been getting something for nothing want to keep getting that something; particularly since Europes future under the combination of austerity and no growth policies is very, very bleak and dark.

I think it is useful to remember how we got to where there is a revolt against austerity. For 25 years starting in 1983 there was a rip roaring bull market and huge economic growth powered by first the Reagan tax cut, second personal computers, third the internet and fourth broadband. Video below.