The Austere Option

Matt Taibbi, blogging for Rolling Stone, recently posted a thoughtful critique of European and American calls for “austerity” in response to the global economic crisis. His basic point is that the burden of proposed austerity measures — cuts to welfare, public services, and government spending in general — falls disproportionately on the shoulders of the lower and middle classes,  leaving wealthy bankers and financial institutions virtually untouched. “If there’s going Read More