Austerity - what we should never forget

[whosinpower]

The financial crisis was not caused by overspending by governments was it? My understanding was that it was because of a LACK OF CONFIDENCE on the part of the big banks on what they held in assets vs liabilities given their exposure to the mortgage backed securities.

This crisis was created at the feet of Wall Street. They hatched it. They dreamt it up. They profited from not only when the housing bubble was booming, but also when it burst.

Throw into the mix two wars - one that was sold to the public under false pretenses.

Because the economies of the world are entangled with each other, Europe, Iceland, Ireland, etc have been caught, eviserated in this austerity boom.
Students in the UK are protesting and in some cases rioting over obscene increases in tuition. Not just them - Greece as well. Spain is targetted as is Portugal.

And now, the Catfood commission has plans as well....oh yes. Cut social security benefits - which is raping the elderly after they have already worked a lifetime. That is a biggie that is sure to grab eyeballs and outrage....and even bigger than that, in my humble opinion...is that this same commission recommends CUTTING CORPORATE TAX RATES AND ELIMINATING TAXES FROM PROFITS OF US BASED MULTINATIONAL CORPORATIONS operating overseas. Increase gas tax. Eliminate the mortgage tax credit....the list goes on and on.

They don't even hide it anymore. It is blatent war on the middle and lower class. Nowhere, not even one syllable is spent on some way, or means to increase jobs in America. And what we must always be cognizant of is that you cannot cut your way to growth... More jobs equals more tax revenues for government. And finally, YOUR CURRENT TAX RATES DID NOT LEAD TO THE FINANCIAL CRISIS. Your parents social security payment did not lead to the financial crisis. That is their money - they paid for it. The mortgage crisis NEVER WOULD OF OCCURED IF THE BANKS ACCEPTED REASONABLE PAYMENTS INSTEAD OF FORECLOSING ON PREDATOR LOANS.

We, being middle class workers are being asked to work longer for less pay, lose our houses, cut our medicare benefits, pay more for gasoline AND tax and the US multinationals get to have the same status as.....GOD himself.

[rfranklin]

1. Our Social Security has been funding low taxes for the wealthy since Reagan....

It has NEVER contributed to the deficit. And the baby boomers retirement was paid in advance by the increases that Regan and Greenspan foisted on us in the 1980s. (Also known as the biggest tax increse in history but the right wingers think only income tax is actual tax.)

It has offset even bigger deficits which were cause by crazy spending on wars and weapons. It has been a Republican wet dream since Reagan.