the purpose of austerity budgets is to allow coutries that have overspent and borrowed overheavily to pay back their creditors and get the balance of payments and cash flow right.
that means that the nation's tax revenues should absolutely fund all of the national governments needs (military for war and defense/ federal infrastructure (clean water supplies/ roads/bridges/ aeroports + air traffic control/ harbors+ ports+ canals/ public lands+ federal parks +wildlife+ monuments) + all bureaucratic salaries
that means that the nation ought to have a favorable balance of trade wherein a nation exports manufactured goods + raw materials more than it improts the same
Now when the International Monetary Fund and the World Bank first started creating the austerity budget model to apply to nations with a negative balance of payments and economies that could not support infrastructure + military specding + education + healthcare the IMF and WB recommended that these nations cut taxes on imported goods and remove all restrictions that corporations/businesses considered hindrances to running businesses efficiently ---> that meant that all pro-labour (pro-working human on the manufacturing floor or in the low-level desk job up to the middle mgmt human with the desk job) regulations that protected working people were considered to be anti-business/anti-growth policies because business could regulate itself.
Problem - these policies resulted in a massive outflow of cash in the form of profits for the companies that went into the nations that accepted the IMF and WB austerity budgets...mass starvaton did occur as food prices skyrocketed plus education was cut as well as public healthcare and infratructure repair....
These IMF/WB austerity budgets were trumpeted by all European nations as excellent ways to teach poor African nations to be responsible money managers.
These same austerity budgets were proposed for Greece and other European nations that had had economic mismanagement yet the Greeks protest and other Europeans protest that these budgets are simply too harsh when applied to themselves. What hypocrisy is this? Is this ethnocentrism or racism? Who needs to learn - the Europeans?
that means that the nation's tax revenues should absolutely fund all of the national governments needs (military for war and defense/ federal infrastructure (clean water supplies/ roads/bridges/ aeroports + air traffic control/ harbors+ ports+ canals/ public lands+ federal parks +wildlife+ monuments) + all bureaucratic salaries
that means that the nation ought to have a favorable balance of trade wherein a nation exports manufactured goods + raw materials more than it improts the same
Now when the International Monetary Fund and the World Bank first started creating the austerity budget model to apply to nations with a negative balance of payments and economies that could not support infrastructure + military specding + education + healthcare the IMF and WB recommended that these nations cut taxes on imported goods and remove all restrictions that corporations/businesses considered hindrances to running businesses efficiently ---> that meant that all pro-labour (pro-working human on the manufacturing floor or in the low-level desk job up to the middle mgmt human with the desk job) regulations that protected working people were considered to be anti-business/anti-growth policies because business could regulate itself.
Problem - these policies resulted in a massive outflow of cash in the form of profits for the companies that went into the nations that accepted the IMF and WB austerity budgets...mass starvaton did occur as food prices skyrocketed plus education was cut as well as public healthcare and infratructure repair....
These IMF/WB austerity budgets were trumpeted by all European nations as excellent ways to teach poor African nations to be responsible money managers.
These same austerity budgets were proposed for Greece and other European nations that had had economic mismanagement yet the Greeks protest and other Europeans protest that these budgets are simply too harsh when applied to themselves. What hypocrisy is this? Is this ethnocentrism or racism? Who needs to learn - the Europeans?
