Graphs of the Day: Your Economy on Austerity

May 9th, 2013 at 8:46 am

From today’s NYT:


Next question?


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6 comments in reply to "Graphs of the Day: Your Economy on Austerity"

  1. Peter K. says:

    I wonder what spurred this article. Calmes is somewhat close to the White House, right? Maybe the reality is sinking in with Obama. She does reference an event he did last week in Austin about the government encouraging growth.

    Maybe it’s the growing consensus among private-sector economists? Or the House Republican campaign to prioritize debt payments?

  2. Aaron Brown says:

    What is the next question after graphs showing that the Bureau of Labor Statistics using Keynesian models?

    Should they be using Keynesian models?

    Do the modeling assumptions of the government have any useful contribution to the economic policy debate?

    Is there any economic situation in which the BLS models would not say borrow-and-spend-more leads to higher GDP growth and lower unemployment than borrow-and-spend-less?

    Granting that borrowing and spending can produce medium-term improvements in measured economic indicators, at least some of the time, don’t we also have to consider what the measurments miss plus the long-term effects?

    I can’t decide. But there are next questions.

  3. urban legend says:

    It’s time for the pro-growth people to start playing hardball: the austerity crowd — the Deficit Chicken Littles — are ANTI-BUSINESS. It’s the pro-growth people and the ones worried about growing inequality and stagnant wages who care about businesses having high enough demand for their products and services to succeed.

    • Sufferin' Succotash says:

      The time to start playing hardball against austerity was four years ago. 🙁

  4. Pepe Gomez says:

    Your Economy on Austerity !
    Why do we believe all the lies from Republicans? When the real agenda is sabotage the first minority president administration. Lets just say it…because he is BLACK!!

    Congress has done everything possible to slow down our economy, instead jumping on board and help in the recovery of our economy. This is NOT a game! This is the future if my children and every other sons and daughters in our amazing nation. Please Congress wake up and begin to really work for US! Because that’s the way it suppose to be. We elected you to serve us…

    Thank you great article!

  5. purple says:

    My sense is, working a bit in the public sector, is that elites, etc. have decided now is a good time to weed our those older, expensive pubic school teachers and the like.

    And in terms of dumping older and more expensive public sector workers , it is happening by the bucketloads. I think this is the basic purpose of austerity.