tag:blogger.com,1999:blog-5800861115237125074.post5214272783263443816..comments2023-08-16T11:52:14.546-04:00Comments on understandingcrisis: More on borrowing and budget deficithannahappshttp://www.blogger.com/profile/17074450146761914215noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5800861115237125074.post-51586114796469430542014-04-28T01:08:28.378-04:002014-04-28T01:08:28.378-04:00What's happening in Europe is horrific, there&...What's happening in Europe is horrific, there's really no question about that. All that austerity doesn't help either. The fact that all these cuts in spending aren't really reducing the deficit shows that austerity doesn't even work in fiscal terms. This is because in an economy, one person's spending is another person's income, and when spending is depressed in such a way, we have a reduction income and hence tax revenues. Anonymoushttps://www.blogger.com/profile/08306653520425223940noreply@blogger.com