Endless Recession—IMF Chief Warns Against Spending Cuts

[Modern School]

In a fit of coherence, one of the world’s leading capitalists has warned that spending cuts will hurt global economic recovery. IMF Managing Director Christine Lagarde said in the Financial Times on Tuesday that spending cuts were not the appropriate means to forestall another recession, Democracy Now reported yesterday.

But will the ruling elite listen and do they care?
Austerity on the masses means the wealthy can continue to enjoy their low tax rates, subsidies for their businesses and continued prosperity. Their businesses, for the most part, seem to be doing just fine, even without hiring back all the unemployed workers. In fact they've doing better than ever, with record profits and record productivity by the down-sized, sped-up and overworked employees who still have their jobs.

Of course this will perpetuate or worsen the recession. But if they can keep it up long enough, at least in the U.S., it will likely make Obama unelectable.

Modern School
http://modeducation.blogspot.com/2011/08/endless-recessionimf-chief-warns.html

[midnight]

1. Hmmm. Maybe they want another hand out, and don't want the

U.S. piggy bank to dry up..

[robinlynne]

2. a little bit late for this advice, no?

[AndyTiedye]

3. He Should Explain This to the Rest of the IMF

They always impose drastic spending cuts any time they get into the act.

[truedelphi]

6. Totally agree. n/t

[bayareamike]

4. The IMF?

The home of shock doctrines and austerity at the expense of the poorest members of developing nations around the globe? I suppose everyone can make sense sometimes.

[jwirr]

5. That is what I thought. Surely they want America on its knees willing

to privatize everything.