What does austerity mean in for these times of global financial unrest? Austerity is when the wealthy attempt to push the effects of their recessions onto the backs of working people, who need only to collectively push back and force the 1% to pay instead.
Which brings me to the silence of the U.S. politicians on the issue. The giant austerity measures that are driving Europe to the edge of revolution have been delayed on the federal level in the U.S. until after the November elections. Then, the seldom discussed budget “sequesters” will go into effect — automatic cuts to federal spending of $100 billion, every year until 2021.
What are budget "sequesters"?
Oh yes, one more thing, after the election federally enhanced unemployment insurance expires, as does the federal payroll tax cut. That's right! Obama’s stimulus plan that supported states and city governments petered out at the end of 2011, adding pain to the ongoing deficit crunch nationwide.
Four more years! Four more years! Four more years!