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Home Publications Blogs Beat the Press In Greece, Austerity Measures Weaken the Economy, What Did the Post Expect?

In Greece, Austerity Measures Weaken the Economy, What Did the Post Expect?

Friday, 30 September 2011 06:17

They kept spraying water on the wood, but they just couldn't get the fireplace started. The Post wrote the equivalent in an article on the Greek crisis:

"The government has raised taxes and cut services and is announcing tougher steps every other week. So far it has been to no avail; the economic outlook keeps getting worse, not better."

When the government pulls money out of the economy by laying off workers, cutting government workers' pay, and raising taxes, the expected result is a weakened economy. This is exactly what has happened in Greece. It is difficult to understand what the Post meant in saying "to no avail."

Comments (3)Add Comment
written by sherparick, September 30, 2011 8:24
The beatings will continue until morale improves.
Adding Injury to Insult
written by Union Member, September 30, 2011 10:04
Calling Greece a PIG all this time has prepared the Post, and its readers, to clearly analize this crisis.
Monetary Sovereignty
written by Rodger Malcolm Mitchell, October 01, 2011 10:04
Someone please name one major newspaper or magazine in which the editors understand Monetary Sovereignty (http://rodgermmitchell.wordpre...economics/)

Those who do not understand Monetary Sovereignty do not understand economics.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.