From Bill Mitchell:
'when a government engages in an #austerity plan designed to reduce the fiscal deficit & embarks on spending cuts, the resulting multiplied effects on the non-government sector – rising unemployment, lost income, etc – reduces consumption & private #investment expenditure – which push the economy towards or into recession & that results in less tax revenue & higher welfare spending by government – and … a higher fiscal deficit'!
h/t npub12jvr3dezh6eux7urwtv80pghru3hn9gyp9mnu3wgygg0ltrq0lzs8hgf8c (npub12jv…gf8c)
https://billmitchell.org/blog/?p=61607
Emeritus Prof Christopher May /
npub1hr…f2ktj
2024-03-04 06:48:07
Author Public Key
npub1hr0x0gm9ksmvuvqwkyzfjuczv9pln83axuftxfhnq2maday69ypqtf2ktjPublished at
2024-03-04 06:48:07Event JSON
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