Europe's Populist Left

[MadImmortalMan]

If you are caught in the feedback loop Iormlund was discussing, what do you want to see before "austerity" is used to describe government policies?

"Deficit reduction."

Kinda an easy bar to reach. Spending one dollar less than last year.

[alfred russel]

Kinda an easy bar to reach. Spending one dollar less than last year.

Please see the feedback loop discussion above.

[alfred russel]

If you are caught in the feedback loop Iormlund was discussing, what do you want to see before "austerity" is used to describe government policies?

"Deficit reduction."

Greece has succeeded under that criteria.

[MadImmortalMan]

Kinda an easy bar to reach. Spending one dollar less than last year.

Please see the feedback loop discussion above.

I was talking about Yi's definition. Not sure what you are.

[alfred russel]

Kinda an easy bar to reach. Spending one dollar less than last year.

Please see the feedback loop discussion above.

I was talking about Yi's definition. Not sure what you are.

A deficit the negative result of the equation revenues less spending.

Cutting spending won't reduce the deficit if the side effect is to reduce revenues by an equal or greater amount.

[MadImmortalMan]

I know that. Why are you getting your panties tied?

Post edited to show I was responding to Yi in the first place.

[alfred russel]

I know that. Why are you getting your panties tied?

Because I'm an optimist. I've been waiting for the day people would read and reflect on prior posts, and possibly change their point of view. After almost 15 years on these fora, I thought this would be the day.

Oh well. It will probably be tomorrow.   

[MadImmortalMan]

Don't bet on it.

I'm criticizing Yi's definition of austerity and you jump down my throat. I don't even understand why.

[alfred russel]

Don't bet on it.

I'm criticizing Yi's definition of austerity and you jump down my throat. I don't even understand why.

Not really meaning to jump down anyone's throat.

But the discussion Iormlund initiated as on the problem of feedback loops--you cut spending to reduce a deficit, and then have GDP fall to such an extent that the deficit actually goes up.

In such a case, reducing a deficit isn't simple, and simply spending less won't get it done.

[MadImmortalMan]

Okay good. Starting over. 

Yi: I think your definition of austerity is insufficient because it's too simplistic. Just spending one dollar less in deficit than you did last year does not seem to me to be enough to qualify as austerity.

[Admiral Yi]

Greece has succeeded under that criteria.

Which has nothing to do with whether austerity accurately and objectively describes what these countries are doing.

[Admiral Yi]

Yi: I think your definition of austerity is insufficient because it's too simplistic. Just spending one dollar less in deficit than you did last year does not seem to me to be enough to qualify as austerity.

I'm not trying to define austerity.  I'm pointing out that using austerity to describe fiscal contraction (which is another good one Dorsey) is inaccurate and loaded.

[Sheilbh]

Yi, two questions what is austerity to you and where does the word come from?

[Admiral Yi]

aus·ter·i·ty
noun \ȯ-ˈster-ə-tē, -ˈste-rə- also -ˈstir-ə-\

: a simple and plain quality : an austere quality

: a situation in which there is not much money and it is spent only on things that are necessary

Monks live austere lives.  Spartans lived austere lives.

[Sheilbh]

And in the context we're discussing?

I ask because from my perspective (and I think the general British one) austerity isn't necessarily a negative word.