06 May '15 21:22>
At last a decent account of what is wrong with austerity policies and why Cameron is a big fat liar and why it is a drag having our mass media owned by tax dodgers, crooks and Australians.
The International Monetary Fund (IMF) subsequently came out with a paper stating that the multiplier (the effect of government spending on economic growth) had been massively underestimated. Then it got worse–the IMF revealed that because the multiplier is so large, austerity shrinks the economy enough to cancel out debt relief. Let me be clear–austerity reduces growth so much that it undercuts government revenue and prevents governments from shrinking their deficits.
According to Oxfam, the government’s austerity policies have devastated Britain’s middle and working classes in a variety of ways:
As a result of austerity, an addition 800,000 British children will live in poverty over the next decade.
Over the same period, 1.5 million working age adults will fall into poverty.
By 2018, 900,000 public sector workers will have lost their jobs.
The bottom 10% of British earners will have seen their incomes fall 38% over this government’s five year term.