Yep, Austerity Still Doesn’t Work

While many conservative "thinkers" and credibility-challenged economists predicted that Britain would see modest growth this year following the implementation of austerity, anyone with a shred of common sense and an interest in empirical reality saw this coming.

Britain has gone back into recession.

(Reuters) - Britain's economy has fallen into its second recession since the financial crisis after a shock contraction at the start of 2012, heaping pressure on Prime Minister David Cameron's government as it reels from a series of political missteps. [...]

With local elections taking place on May 3, there could hardly be worse timing for Wednesday's news from the Office for National Statistics that Britain's gross domestic product fell 0.2 percent in the first quarter of 2012 on top of a 0.3 percent decline at the end of 2011.

And I'll repeat for the umpteenth time something we have regularly expressed here -- what the British government has done over the past four years is exactly what the Republicans here in American wish to do. They want to impose massive cuts to social programs during a time in which our economy simply cannot take the shock.

All available evidence tells us that austerity is a failure, tantamount to pissing into the wind, yet the men who have taken up leadership positions in the Republican party are among austerity's biggest proponents.

I suppose we have nothing to worry about. Should Mitt Romney and Paul Ryan succeed, we can all sustain ourselves on rice and beans.

  • OsborneInk

    Important culture war note: “rice and beans” is a dog whistle for Dave Ramsay listeners. Remember that this dialectic was set in the world of talk radio, which is a continuum. “Rice and beans” invokes that family kitchen table budget meeting.

  • stacib23

    Morning Joke was the biggest cheerleader of all for the “economic moves” that Europe put in place with all the austerity stuff. My guess, he will be as quiet as a church mouse about this piece of news.

  • Mikeatmartel

    Oh come on, everybody knows that a conservative idea can’t fail. Only conservatism can be failed. What those British need is more austerity, just keep cutting until things get better, because conservatives are always right and if they don’t get the results they want, well you know the rest of us can just shut up, because they are right and it is our fault, or somebodies, doesn’t matter whose. But it is not them they are the party of personal responsibility and infallibility.