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Category: Taxes and Policy, Video

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5 Responses to “Mark Blyth: Austerity – The History of a Dangerous Idea”

  1. Willy2 says:

    - Interesting presentation.
    - The story contains both more than one misconception and more than one interesting tid bit.
    - Here’s one lesson for the US buried in this talk/this presentation: In the early 1930s the japanese military murdered a number of people who wanted to cut the japanese military budget significantly. Then effectively the japanese military took over the japanese government. It enabled the japanese military expansion in the 1930s & 1940s.
    In the US there’s massive resistance against cutting the military budget. The socalled “sequester” was supposed to reduce military spending by $ 55 billion but thanks to a wonderful cooperation of all vested interests the “sequester” was reduced to a mere $ ~ 3.5 billion.

    - People in tax havens WILL get hurt when those US (!!!!) banks go belly up and US interest rates go through the roof. That’s the biggest “tax” for those tax evaders.
    - Blyth overlooks the fact that we will see POSITIVE real interest rates in the coming weeks/months/Years (???). Extremely bad for business and employment.

    • RW says:

      Well, yes, the presentation was certainly “interesting” and it is equally true that the defense sector distorts the economy (nearly as much as the financial sector if comes to that) but if you are expecting real interest rates to dramatically increase any time in the next decade or so I’ll take the other side of that trade.

  2. VennData says:

    I fondly recall Bush’s austerity that turned Clinton’s massive deficits into a balanced budget, supported by the GOP majority in Congress, that W. turned over to Obama.

    • Willy2 says:

      Clinton was lucky enough to be president in an era with the Baby Boomers starting to reach their peak of the family spending cycle at the age of ~ 47 (See Harry S. Dent’s work). The balanced budget was predominantly the result of sharply increasing Capital Gain Tax revenues. (read: rising real estate & rising stockmarkets).
      Excluding the income of Social Security premium payments the Clinton administration still ran a budget deficit in the late 1990s.

  3. Moss says:

    He should have given this at CPAC.