Gilded Age of Austerity breaks down - Page 2

Contemplating the federal government shutdown, strikes by Bay Area transit agencies, and political dysfunction

Activists perform a "die in" outside the SF Federal Building on Oct. 16 to protest the government shutdown.
AP Photo by Jeff Chiu

BART managers argue that the district has offered enough and that the rest of the money is needed for its ambitious expansion plans, but there should have been a solution here somewhere short of ultimatums (strike vs. the district's "last, best, and final offer"). When the center still held, before the new Gilded Age fused with the Age of Austerity, people of goodwill could find common ground.

Maybe we'll pull ourselves back from the brink and learn our lessons. Or maybe we've entered the endgame, a place where the desperation of those living in the Age of Austerity finally matches the greed and self-interest of those living in the Gilded Age, where one must defeat the other to survive, like two fighting birds plummeting to the ground in a death spiral.

And if that's the case, are we ready for the next era? Have we sown our seeds and tended our gardens? It took World War Two to really get us out of the Great Depression, and I'd like to think we've evolved since then. But given recent events I'm not so sure.


spending 40% more than they collect in taxes every year.

You haven't seen austerity yet and you will not like it when you do.

Posted by Guest on Oct. 23, 2013 @ 2:34 pm

at an even *higher* percentage (expecting interest and economic growth to perpetually cover that high leverage)

so, does that mean we should vastly curtain bank spending to help the economy?

the growth spending of the federal government is essentially not structurally any different than the highly leveraged debt creation engaged the current global capitalist financial engine

so if governments need drastic austerity

banks need even *more* drastic austerity

see the problem with that logic?

Posted by racer x on Oct. 23, 2013 @ 3:42 pm

government's deficit worse, leading to even more austerity.

Posted by Guest on Oct. 23, 2013 @ 3:51 pm

which spurs economic activity to turn the whole economy around

as it did during the New Deal and WW II under Roosevelt

Posted by ikjdsh on Oct. 23, 2013 @ 11:57 pm

Clearly you are grateful to W for those extra wars that helped our economy.

Posted by Guest on Oct. 24, 2013 @ 9:41 am

because the dollars spent on them got sucked into the black hole of the robotized and mechanized military industrial complex, that Eisenhower warned us of

and did not build the local US economy

WW2 was completely different because it was based on much simpler machinery in a simpler time, which took millions of people to build by hand locally

Posted by racer x on Oct. 24, 2013 @ 10:01 am

First you claim wars are good for the economy

But then it is only the wars you personally agree with that help the economy.

Quite a coincidence that.

Posted by Guest on Oct. 24, 2013 @ 10:11 am

i disagree with the prosecution of WWII

i was simply pointing out the efficacy of that level of local commitment to manufacturing and production

i wasn't agreeing with the war itself

Posted by racer x on Oct. 24, 2013 @ 10:21 am

Sorry to all for being such a bozo.

Posted by racer x on Oct. 24, 2013 @ 10:34 am

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