re: #165 Obdicut
Austerity is not ‘dumb’ when needed.
All of Europe and the IMF can’t be wrong in demanding austerity. That, in addition to strong fiscal discipline and responsible tax policies ae necessary for overall economic health.
Spending is a necessary part of a national financial strategy, but like every thing else, it has to be disciplined spending. If we taxed corporations and the rich 100%, we could not run the government for more than half a year.
Like Obama has said on many occasions, fiscal policy requires a cut in spending in addition to higher taxes. Counties, municipalities and even states are in big trouble. We can’t buy or tax our way out it.