TV News LIES

Saturday, Aug 27th

Last update05:20:13 AM GMT

You are here News Politics Welcome to the Tea Party's Austerity Recession

Welcome to the Tea Party's Austerity Recession

E-mail Print PDF

Tea Party austerityOn Monday, the House finally passed a deal to raise the debt limit after weeks of wrangling with a cadre of reactionary, Tea Party-endorsed lawmakers. The measure, which will force some serious cuts to public spending, is expected to easily pass in the Senate. When it does, a painful second "dip" into recession becomes far more likely -- all the conditions are there.

Last week, a depressing report on economic growth caught many observers by surprise. The take-away was that gross domestic product (GDP) – the measure of economic activity within our borders – has been growing at a snail's pace in the first half of this year -- far slower than analysts had predicted. Researchers at the Federal Reserve tell us that since 1947, about half of the times we've had six months of growth as weak as we've seen in 2011, the economy sank into recession in the following year.

But many of those slow periods occurred in a different era; today, with Washington obsessed with cutting spending, the chances are certainly greater than 50/50.

We got into this recession when the American people lost not only jobs, but also $14 trillion in wealth during the crash, and pulled back on spending as a result. But we're stuck treading water, two years after the “recovery” officially began, in large part because of the age of austerity – due to cuts forced on us by this misguided and shortsighted view that large deficits are a cause, rather than an effect, of the downturn.

More...


Most Recent Related Stories...


Trump’s mob-linked ex-associate gives $5,400 to campaign

Trump donor mob connectedA Russian-born, mafia-linked businessman whose ties to both Donald Trump and loyalists of Russian President Vladimir...

What Donald Trump Knew About Undocumented Workers at His Signature Tower

Trump's undocumented workersIn the summer of 1980, Donald Trump faced a big problem. For six months, undocumented Polish...

Donald Trump’s ‘Apprentices’ Had to Agree to Go Nude

Trump's Apprentice rulesAppearing on The Apprentice with Donald Trump required agreeing to a series of odd and invasive...

Donald Trump Used Campaign Donations to Buy $55,000 of His Own Book

Trump buys own book with donor dollarsDonald Trump used his campaign funds to buy thousands of copies of his own book at...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!