The Very Serious People Obsession

Paul Krugman on the Bourgeois Elite* masquerade as Nero, while we, little pocket people burn.

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And you know what? Neither do financial markets, which continue to lend to the U.S. government at incredibly low rates.

Meanwhile, the results from austerity are in — and it’s now clear that the adverse economic impacts of austerity in a depressed economy are much worse than the elite imagined (although Keynesian economists knew better), and are in fact so severe that austerity is largely self-defeating, having little impact on the budget deficit even in the short run because reduced revenue takes away much of the initial savings. Once you take long-run effects into account, austerity is almost surely self-defeating.

Yet deficit fever, with demands for spending cuts right away, has dominated policy discussion for almost three years, with all the Very Serious People believing that by pounding on this issue they were demonstrating their Very Seriousness.

* The bourgeois plus their puppets ( ignorant journalists, mercenaries dressed as economists and plain crass politicians ).

But hey, the poor ( most imagine themselves as NOt-poor at all ) care more about what the rich wore yesterday than about himself/herself.


But seriously, the deficit fear-mongering is just an excuse for butchering any vestige of the state as a welfare provided for the less fortunate.
However the state can keep doing that for the big companies and plutocrats.

Trust me, the poor will march alongside the crass rich’s puppets on this.