Ferguson Caricatures Of Austerity

Carney, Timothy P. (2009). Obamanomics : How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses .Washington, DC, USA: Regnery Publishing, 2009. Retrieved from http://site.ebrary.com/lib/ashford/Doc?id=10364572&ppg=13

The book begins by saying that economics has more incorrect arguments than any other study. The two critical reasons for this are: People don’t care about the long term health of the public, as much as the care about the short term gain in their private lives. Special interest groups create or reuse correct-sounding fallacies to promote their viewpoint. Economics consists in looking at more than the immediate policy; It includes seeing the problems of the policy for not just one group but for all groups. The misconception that government spending boosts the Economy, is a result of a system of misconceptions. The fact that, we don’t address deficit spending and inflation and assume that public spending will be covered in taxes, is a delusional dream.

Many citizens, most of them conservatives, have questioned the economic recovery, but evidences have dismissed their arguments. President Obama pointed out that “we do have real, tangible evidences of our progress;” for example, we have created “10.9 million new jobs”

Krugman starts off his essay by painting the picture of his younger days in a rather fair and middle-class American society. The theme of his writing is centered around policies with the power to reverse the extreme economic imbalance the United States has been challenged with. The excessively divided American economy contradicts the basis of America’s birth: “Ever since America’s founding, our idea of ourselves has been that of a nation without sharp class distinctions- not a leveled society of perfect equality, but one in which the gap between the economic elite and the typical citizen isn’t an unbridgeable chasm” (Graff, Birkenstein,

In the United States, we encounter quite a bit of obstacles that we can’t seem to get rid of completely. We as a nation deal with inflation, unemployment, stagflation, recessions, depressions, and so much more. Reading these three articles opened my eyes to the world of economics, and even made me question the society we live in. I’ve learned that sometimes questions can’t be answered, and I learned that once we solve one issue, there is always another issue on its way. These articles made me analyze, and think about the future of economics, and what I can do to try and help the economy. These authors of these three articles make it very clear that there are issues in the United States, and they do an amazing job

The American government has struggled with the issue of taxes and the budget for over a hundred years. Class conflict, adversarial political parties, and convoluted economic philosophies have resulted in a never-ending debate over taxation. The New York Times newspaper article, “Senate Panel Vote Backs Budget Plan”, from June 1993, discusses the current feelings of the time in regards to the budget and taxation. Moreover, the article mentions factors such as democrat-republican debate, trickle down economics, and high verse low taxes for the middle class. The issues discussed in this 1993 article differ only slightly from the taxation conversation of today. However, now in 2011, we face a budget crisis that threatens the American economy

On top of simply translating past and present financial systems, Krugman dissects the interconnection between economics and politics. Starting with the rise of socialism, many governments took on

As a political personality, Robert Reich writes a book that closely relates the deteriorating status of the U.S. economy with the greed of other politicians and the government as a whole. To some extent, Robert Reich pulls out the sense in economy deterioration with the help of pinning the major government policies. Robert Reich 's argument comes out clearly, directly, and at some point presented willfully. From the heading of the topic of the book, what went wrong with our economy and our democracy, and how to fix it, a reader can clearly picture the content of the book that is politics and the financial mess that the United States of America is in today. The book provides a clear, simple, and easy to understand information on how the author, Robert Reich relates the cause a bad financial status for the country and how the government and other wealthy people living in America contribute to causing the financial crisis.

“Today I face you and say the challenges are real. They are serious and many,” Obama stated on inauguration day. Obama need to pull things together with bold and quick actions. Yet it seemed that borrowing was the only answer to this out of control situation. And he did just that, taking hundred of billions to bail out the banks and other institutions; tens of billions more for the auto industry; $275 billion for homeowners and the mortgage lenders; and $787 billion stimulus package to jump-start an economy spiraling downward. Much like the Bush administration, Obama and his administration are borrowing just as much, added to the deficit. It is unclear what exactly the future will look like for America as the economy is spiraling downward and other countries are becoming stronger.

Throughout the article, Krugman’s diction is displayed in a colloquial manner, often using terms such as “flub,” “wimps,” or “hacks,” in order to not overwhelm the reader and attract a wide-range audience. On occasion, he also dictates formally to highlight the negatives of the current and “incompetent” administration and their lack of commitment. Krugman’s syntax also contains the

In this report, we will be taking a look in Dinner Party Economics written by Eveline Adomait and Richard Maranta. Specifically, we will be looking at Chapters eleven and twelve; Macroeconomic policy and inevitable political debate. Hello its me gka d shk gd h gd hj gusg Let us first dive into chapter eleven about macroeconomic policy. The big picture in this

The unprecedented government intervention during the massive economic crisis of the late 2000’s was met with varied sentiment of economists (Lee, 2009). For example, economist Marci Rossell felt that government intervention was arbitrary and lacked clarity as to which firms would receive government aid (Lee, 2009). She furthered her argument by stating that if the government bailed out homeowners and banks that were borrowing and lending “over their heads,” they were creating a dangerous precedent to set (Lee, 2009, p.40). However, Rossell praised the Obama administration for having a clear grasp on the economic situation and trusted in this administration’s guidance to recover from the economic crisis. Conversely, economist Steven Schwarcz said that though the government bailout in 2008 would cost more than it would have if the government had reacted more swiftly to early signs of recession, these institutions would collapse and fail without government aid (“How Three Economists,” 2008). If these institutions failed, the ripple effect of this failure to the U.S. economy would be irreparable.

In The Return of Depression Economics and the Crisis of 2008, Paul Krugman warns us that America’s gloomy future might parallel those of other countries. Like diseases that are making a stronger, more resistant comeback, the causes of the Great Depression are looming ahead and much more probable now after the great housing bubble in 2002. In his new and revised book, he emphasizes even more on the busts of Japan and the crises in Latin America (i.e: Argentina), and explains how and why several specific events--recessions, inflationary spiraling, currency devaluations--happened in many countries. Although he still does not give us any solid options or specific steps to take to save America other than those proposed by other economists, he

It remains it a prolonged economic crisis but has no active completion internationally since the fall of the berlin wall. While Marxism is seeing a renewed interest by society. The media and other spheres of culture speak of Marxism as not being a viable alternative but a source for examining the wrongs of capitalism through the analysis of Marx and by this synthesis a desirable form of capitalism can be formed. This idea, is a form of concession, the admittance of an error of the international markets in lieu of making any systematic criticisms. These arguments get an echo in society where people call for the jailing of bankers and a regulation of the markets but don’t ask any serious questions that trouble the establishment. Marxists economists like the late Andrew Glyn argue that the recession was a result of an unsolved crisis of capitalism from the 1970s where profitability declined and capital had to be shifted from industry to finance. The way capitalism sought to recover was to introduce neo-liberal policies which inflicted savage austerity cuts on labour in a move to squeeze more profitability from workers. While in crises again the problem of the tendency of the rate of profit wasn’t dealt with and with the markets failing, austerity measure had to be reintroduced. This analysis of the economic crisis tells us we are facing a future of shorter booms and much longer recessions and that capitalism is fundamentally incapable of

     “In addition to theses endless pleading of self-interest, there is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group and to neglect