The great austerity war: what caused the US deficit crisis and who should pay to fix it? The right-wing coalition has been so successful over recent decades that the long-run challenges facing the country today are daunting.
"The US economy no longer serves the needs of the majority of Americans and the global neoliberal capitalist system within which it is embedded is in crisis. A second global financial disaster is not unlikely in the intermediate future. We need radical changes in both our economic and political systems. We have to change to an economic model that can produce reasonable prosperity and security for American families with much less inequality than we have at present. To achieve such an economic transformation, we have to create a functioning democracy in which the informed priorities of the majority are reasonably reflected in the outcomes of the political process, one that will replace the oligarchic control over the politics of the present moment. To achieve a functioning democracy, we need a well-informed public that understands the causes of our economic problems and can distinguish between policies that are and are not in their interest.”
to read the 20-page article by Prof. James Crotty published in the Cambridge Journal of Economics 2012, 36, 79-104, click on
http://cje.oxfordjournals.org/content/36/1/79.full.pdf+html
Original: The great austerity war