The Dangers of Austerity in Europe and the U.S. Mark Weisbrot, Co-Director Center for Economic and Policy Research.

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Presentation transcript:

The Dangers of Austerity in Europe and the U.S. Mark Weisbrot, Co-Director Center for Economic and Policy Research

Austerity & GDP Growth

Austerity & Jobs

Myth: The US is just a bystander in Europes austerity Truth: We have power at the IMF.

Unlike Greece, the U.S. debt crisis is manufactured Short term deficit is due to recession – revenues fall and spending increases – and weak recovery Long term deficit is due to health care spending (driven by private sector health care costs

Real crisis is 25 million unemployed, involuntarily working part-time, or dropped out of labor force U.S. needs further stimulus, job sharing, and other measures to get unemployment back to normal levels; health care reform to eliminate long term deficit

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