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Common Sense Economics

This whole fuss over the flawed research done by Reinhart and Rogoff in trying to justify the “austerity” movement would be great comedy if it were not for the fact that so many people are needlessly suffering here in the U.S. and even more so in Europe because of this ill-conceived, wrong-headed economic policy.  Admittedly, a lot of these economic discussions do get rather complicated, and for anyone who doesn’t have much educational background in the field of Economics, I can understand how the average person can feel lost.  And so if your political leanings are towards smaller government, it’s easy to become an austerity fan, regardless of how much you really understand the economics behind it.  But in this case, you really don’t have to be all that knowledgeable about economics to know that the austerity backers are full of crap.  This is good old common sense.  You cut back on government spending, people are going to lose their jobs or face severe cutbacks — which will lead to them spending less, which will impact other businesses, who will then cut back, leading to more people having less money, and so the whole system gets caught in a downward spiral.  Anyone should be able to see and understand that, and therefore be able to reject this whole idea of austerity during weak economic times.

Regardless of how you feel about the size of government, when the economy is hurting IS NOT the time to cut back on spending. This is just plain old common sense. You want to downsize government, you wait until the economy is healthy. Now I know full well that a lot of the austerians understand this, and they just don’t give a rat’s ass about the poor and the middle class, and they got plenty of money to weather a bad economy — so it’s full speed ahead with austerity. Death to the middle class! But what is it about the average Joe, the guy who is getting hurt the most by this demented policy — why can’t he see through this bullshit? That’s what I don’t understand. What happened to good old common sense?