This tag is associated with 25 posts

Austerity in US / Public sector employment has fallen by over 600,000 during the ‘recovery’

As Ben Bernanke put it, “people don’t appreciate how tight fiscal policy has been” Continue reading

Greece / Unemployment jumps despite budget surplus

Indeed, unemployment in Greece has hit a new record high Continue reading

EU Staff / 2,500 jobs to go in austerity deal

Two thousand five hundred EU officials are set to lose their jobs in the next four years as part of new austerity measures for EU institutions Continue reading

Bernanke / Fighting Unemployment Is A Better Cure Than Austerity

The Federal Reserve chairman, in testimony before the Joint Economic Committee of Congress on Wednesday, suggested that ending the nation’s long-term unemployment crisis would be a more effective way of shrinking government deficits and debt than the austerity cocktail funneled down our throats by Congress and the White House in recent years. “The loss of … Continue reading

US / We are creating a permanent class of jobless Americans writes Krugman

There is, unfortunately, growing evidence that the tainting of the long-term unemployed is happening as we speak. One piece of evidence comes from the relationship between job openings and unemployment. Normally these two numbers move inversely: the more job openings, the fewer Americans out of work. And this traditional relationship remains true if we look … Continue reading

Eurozone / Panic-driven austerity: the more intense the austerity, the larger is the subsequent increase in the debt-to-GDP ratios study finds

“How well did this panic-induced austerity work?” “Some will say that this is the price that has to be paid for restoring budgetary orthodoxy. But is this so?” Those are the questions asked by Paul De Grauwe andYuemei Ji in Panic-driven austerity in the Eurozone and its implications. (Quotes to follow) We provide some answers in Figures … Continue reading

Western world’s policy elite somehow decided en masse that unemployment was no longer a crucial concern writes Krugman

Three years ago, a terrible thing happened to economic policy. Although the worst of the financial crisis was over, economies on both sides of the Atlantic remained deeply depressed, with very high unemployment. Yet the Western world’s policy elite somehow decided en masse that unemployment was no longer a crucial concern, and that reducing budget … Continue reading

Europe / Central Bank lack of action in spite of a 11.8% unemployment rate

THE euro area is mired in recession and unemployment in the single-currency zone continues to scale new heights, reaching 11.8% on figures out this week, up from 10.6% a year earlier. But the European Central Bank did nothing to help today, leaving its key interest rates unchanged. The governing council took the decision unanimously, ECB … Continue reading

Europe / Austerity and Layoffs Lead To Workers Strikes

With rampant unemployment spreading misery in southern Europe and companies shutting factories across the continent, workers around the European Union sought to unite in a string of strikes and demonstrations on Wednesday. Most European governments have in recent years had to cut spending, pensions and benefits and raise taxes aggressively to bring public debt under … Continue reading

Austerity – Greece debt to GDP to hit 190pc

Greece’s debt to GDP will hit 189.1pc and the economy is expected to contract by 4.5pc next year, the finance minister revealed in the 2013 budget presented to parliament. via Debt crisis: Greece debt to GDP to hit 190pc – Live – Telegraph.

Greece – The biggest cumulative loss of output of a developed-country economy in at least three decades

Greece is spiraling into the kind of decline the U.S. and Germany endured during the Great Depression, showing the scale of the challenge involved in attempting to regain competitiveness through austerity. The economy shrank 18.4 percent in the past four years and the International Monetary Fund forecasts it will contract another 4 percent in 2013 … Continue reading

EU – Trade Unions – Austerity and industrial policy ‘absolutely contradictory’

Trade unions say the European Commission’s new industrial policy must be followed up with concrete actions. The European Commission published a communication on industrial policy last week, attempting to re-launch manufacturing industry and calling fora “new industrial revolution” in Europe. The industry is ready to lead the revolution, but it needs the right instruments, European … Continue reading

When 50 per cent youth unemployment is (apparently) protecting the grand kids

Over the last week, a Londoner and a Glaswegian have publicly embarrassed themselves with statements made about the current economic situation. One is an academic historian who hasn’t fully understood history. The other a politician who is seeking to deny the obvious and somehow blur his own culpability in driving the British economy back into … Continue reading

Spain enters in recession helped by austerity

Spain sank into recession in the first quarter and economists said spending cuts aimed at meeting strict EU deficit limits together with troubles in the banking sector would delay any return to growth until late this year or beyond. It is the second recession in just over two years for the euro zone’s fourth largest … Continue reading

Anti-austerity waving in Europe

From the anti-austerity firebrands of Greece’s imminent elections to the corruption crusaders in Prague, from the Pirates of Berlin to the populists who scored well in France’s presidential election, a new wave of anti-establishment parties are on the rise across Europe, posing a threat to the political elite. Their causes vary – some are from … Continue reading

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