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Are you worried about future austerity cuts to 'pay' for the lockdown?

By austerity, I mean the huge cuts in public services and government spending which happened in many countries (inc. my own) in the wake of the 2008/09 financial crash. The result of this policy prescription was grinding misery as less affluent sections of the public had to pay for an economic crisis caused by bankers. It wasn't even that actually; because it failed to reduce debt or stimulate growth. It was politicians using a crisis as an excuse to cut public spending which they were in favour of anyway.

Here is why I am worried: Any economic crisis provides an opportunity for radical political change and we are certainly living in one now. Capitalists will want to protect profits as the western world re-builds and so there will be powerful political interests behind making sure its the poor who pay the cost.

I predict that we will be hearing lots of arguments in the next few years about tightening our belts and how we are all in it together. Meanwhile the rich will continue to accumulate more wealth and none of that will trickle down.

There are always political choices to be made even in tough times. Look at the emergency powers being used even now to deal with the Corona crisis. This is a level of government intervention that we are conditioned to believe is impossible. Only it isn't at the time of a crisis.

In a year's time; when the arguments are made to cut pensions, healthcare and social services; remember to ask why. Austerity failed in the 2010s and actually increased national debts by stalling the recoveries. A national economy is not like a household and don't let anyone tell you otherwise. Western societies have tremendous resources to do things and what they do with them is always a political choice, not a necessity.
Jklove · M
I'm more worried about the rash on my arms lol
Jklove · M
@Burnley123 I had thecoronavirus way back in November lol
Burnley123 · 41-45, M
@Jklove You had it before it was famous. Look at you with all the indie-kid cred. 😜
Jklove · M

 
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