After last weeks post – Nonplused Friday where I hit on the negative impacts of budget cutting now, I received a note from a friend directing me to this piece by Billy Mitchel “US President engaging in economic vandalism”. Billy describes the impact of austerity measures already being applied, with more proposed, in the US budget.
“The data is signaling a fairly poor outlook and hardly the time for the President to be submitting austerity budgets. But in the same week that the data came out, the President did just that. The latest budget submissions from the Administration, designed to placate the mad Republicans, is an act of economic vandalism.”
Since Billy puts it in such direct term and is well supported with factual research, I will not delve into the article itself. I just don’t understand what Mr. Obama is trying to do, perhaps placate some imaginary reasonable politicians? I’m not sure there are any, besides now both parties are attacking.
If you’re not yet convinced this is a terrible time to be cutting the budget…you certainly will be after reading. The option is to kill what little semblance of recovery exists and plunge back just as we did in 1937.