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Thread: the myth of austerity

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    Default the myth of austerity

    there's a good article on mises.org [ austrian economics website ]
    The Myth of Austerity - Philipp Bagus - Mises Daily

    it's making a point that is often made here, though under-represented given the media attention to anti-austerity policies. Essentially, that austerity is a misnomer for living within one's means, and that gdp and the associated growth calculations are not a good way to judge the success or failure of an adjustment.

    it also relates the benefits of bringing govt spending back into line with its means, namely that more capital is available for private enterprise and this is a better basis for full employment than unsustainable govt over spending.

    I'm wondering if opinions have changed as we head into the second half of the budget balancing program. Is it better to see it through, with signs that the debt burden will be significantly eased by the expected shift of the bank bailout burden to the ecb, or is it find some other solution at any cost (e.g. default)

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    Politics.ie Member Howya's Avatar
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    The problem is that while many people face true austerity, those imposing the austerity are not facing any such hardships. If "living within your means" was applied to everyone, then maybe, just maybe, you would see a shift in sentiment.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Politics.ie Member ruserious's Avatar
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    During the good years, the Guv had no problem spending more and more (See: McCreevy). Now that sh1t has hit the fan, the biggest burden is falling on the less well off. They do this because if you tax wealth there will be a flight of capital they say. Whether that is true or not should be how this guv should be assessed.
    Boycott the "Irish" Sun rag.

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    MrFunkyBoogaloo
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    Quote Originally Posted by dancl2000 View Post
    there's a good article on mises.org [ austrian economics website ]
    The Myth of Austerity - Philipp Bagus - Mises Daily

    it's making a point that is often made here, though under-represented given the media attention to anti-austerity policies. Essentially, that austerity is a misnomer for living within one's means, and that gdp and the associated growth calculations are not a good way to judge the success or failure of an adjustment.

    it also relates the benefits of bringing govt spending back into line with its means, namely that more capital is available for private enterprise and this is a better basis for full employment than unsustainable govt over spending.

    I'm wondering if opinions have changed as we head into the second half of the budget balancing program. Is it better to see it through, with signs that the debt burden will be significantly eased by the expected shift of the bank bailout burden to the ecb, or is it find some other solution at any cost (e.g. default)
    "the expected shift of the bank bailout burden to the ECB" - wherever did you hear that?

    Aside from the fact that that is not what is expected it would be against the law.

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    Quote Originally Posted by Howya View Post
    The problem is that while many people face true austerity, those imposing the austerity are not facing any such hardships. If "living within your means" was applied to everyone, then maybe, just maybe, you would see a shift in sentiment.
    haughey springs to mind.

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    Politics.ie Member Howya's Avatar
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    Quote Originally Posted by And So I Said View Post
    haughey springs to mind.
    Suggestions for living politicians?
    Bertie Ahern
    Alan Dukes
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

  7. #7

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    Quote Originally Posted by dancl2000 View Post
    there's a good article on mises.org [ austrian economics website ]
    The Myth of Austerity - Philipp Bagus - Mises Daily

    it's making a point that is often made here, though under-represented given the media attention to anti-austerity policies. Essentially, that austerity is a misnomer for living within one's means, and that gdp and the associated growth calculations are not a good way to judge the success or failure of an adjustment.

    it also relates the benefits of bringing govt spending back into line with its means, namely that more capital is available for private enterprise and this is a better basis for full employment than unsustainable govt over spending.

    I'm wondering if opinions have changed as we head into the second half of the budget balancing program. Is it better to see it through, with signs that the debt burden will be significantly eased by the expected shift of the bank bailout burden to the ecb, or is it find some other solution at any cost (e.g. default)
    The wonderful science of economics.

    Concerns about the equitable sharing of austerity aside, has the Mises Institute explained how the quite reasonable concept of living within your means can co-exist with a monetary and banking system which is dependent on constant growth and further lending for its sustainability.

    This for me is the fundamental problem of economic ideology, prescriptions are written with the intent of curing the symptoms rather than the disease.

    This of course means that no problems ever actually get solved.
    Best regards, Pat.Twitter-energy economy news _ _ Each to their ability, together we progress.

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    Quote Originally Posted by dancl2000 View Post
    there's a good article on mises.org [ austrian economics website ]
    No, there isn't.
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    Politics.ie Member Disillusioned democrat's Avatar
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    Let's get real. Living within our means would require the people who decide on policy to be paid less and have less prestige....can you really see that happening?
    The more things change....

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    Quote Originally Posted by Pat Gill View Post
    The wonderful science of economics.

    Concerns about the equitable sharing of austerity aside, has the Mises Institute explained how the quite reasonable concept of living within your means can co-exist with a monetary and banking system which is dependent on constant growth and further lending for its sustainability.

    This for me is the fundamental problem of economic ideology, prescriptions are written with the intent of curing the symptoms rather than the disease.

    This of course means that no problems ever actually get solved.
    Economics is no science, at best it might be called a field of study. But "Austrian" "economics" is simply a faith, with a chemical element, namely gold, as the Higher Power.

    I put both words in quotes because, first off, the vast majority of people in Austria who have any opinion on economics very strongly and rightly reject the tenets of the faith in question. And the "economics" element simply has nothing to do with it. Essentially, the faith consists of untestable syllogisms of the True Scotsman Fallacy variety.

    If you have read of the True Scotsman Fallacy and thought "Wow! what a fantastic system of analysis to find out who is and isn't a True Scotsman!" then this faith is going to be right up your alley.

    If not, why not go along with some other, more entertaining faith (Voodoo was what George Bush the first likened it to) rather than this illogical, untestable babble?
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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