Austerity and the Death of Logic
NO ADVERTISING, GOVERNMENT OR CORPORATE FUNDING
DONATE TODAY

Austerity and the Death of Logic


Bill Black: Both the GOP and the White House refuse to support a bill that ends the sequester, it shows the real intention of the Obama administration -   March 12, 2013
Members don't see ads. If you are a member, and you're seeing this appeal, click here


Audio

Share to Facebook Share to Twitter



I support the Real News because without The Real News we would have no real news at all. - WWH
Log in and tell us why you support TRNN

Transcript

Austerity and the Death of LogicJESSICA DESVARIEUX, PRODUCER, TRNN: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore. And now it's time for our weekly Bill Black report.

Bill Black is an associate professor of economics and law at the University of Missouri–Kansas City. He's a white-collar criminologist and former financial regulator. He is the author of The Best Way to Rob a Bank Is to Own One. And he's a regular contributor to The Real News.

Welcome, Bill.

BILL BLACK, ASSOC. PROF. ECONOMICS AND LAW, UMKC: Thank you.

DESVARIEUX: So, Bill, what do you have for us this week?

BLACK: I have report from the absolute silly season. So this is the complete death of logic and sense by pretty much everybody involved who are the serious people in Washington, D.C., who seem determined to screw up our economy royally.

So here, to review the bidding, this is what we've got. We have the Republicans, and the Republicans hate everything European. Everything European is as”you know, it's a laugh line, it's a derisive line and such, except austerity. So they take the one policy that everybody can see has produced a disaster in Europe, thrown the Eurozone back into recession, and is potentially even going to tear the European Union apart, is going to cause government after government to fall, and they say, that's the policy we need in the United States, we need to emulate Europe, and with no discussion that maybe that's insane. So that's the Republican version of insanity.

Then we have the White House version of insanity. And the White House version of insanity is: austerity bad—would cause the United States to go back into recession, and therefore sequester terrible—not only forces us back into recession, but causes us to cut all kinds of great programs. So what do we see out of the White House? We have the Conyers bill. And Representative Conyers has this very intelligent bill. It is the most wonderful thing in Washington, D.C. It is literally one sentence. And the bill says: the sequester is repealed. Right? And they will not—the administration will not support this. And this is what I've been talking about. This really is smoking out the true intentions of the White House. And what you're seeing time after time, now expressly, is that the president wants to cut the safety net, wants to cut Social Security, wants to cut Medicare, wants to cut public programs. Indeed, he wants to cut public programs in comparison to raising taxes at a ratio of two to one—in other words, $2 of spending cuts for every increase of $1 in taxes.

But all of that's insane. We don't want to cut spending. We don't want to net increase taxes now. That's how you throw millions of people out of work.

Meanwhile, we get almost complete silence about the real crisis in America, which is an employment crisis, where we have well over 10 million people who want to work full time, who are able to work full time, but we don't provide them with any work.

DESVARIEUX: Bill, so how is this playing out in mainstream media? Specifically, MSNBC, some people call it, you know, the right hand of the White House. How are they playing this whole sequestration?

BLACK: Well, pretty clearly in the nighttime ones it is just exceptionally pro this administration, whether or not it makes any sense. So MSNBC is simultaneously saying all these things. One, it's saying: sequestration disastrous, austerity disastrous. And support the president; he wants a balanced package. What is that a balanced package of? It's a balanced package of austerity. It's a balanced package of austerity plus cuts to the safety net, which, you know, 15 minutes ago, in media terms, MSNBC was railing against, I think quite appropriately and such.

So it is the silly season everywhere you look. And Dean Baker has a spectacular column that people should read that basically says this is because the president simply will not tell the truth to the American people. The truth to the American people is, if anything, the deficit is too small. We've been doing one measure of austerity after another since mid 2011. And you can see what's happened to the recovery in jobs. It has strangled the recovery. It's time to stop shooting ourself in the foot and above. But right now that's not where we're headed.

So, you know, I will channel my mother's side of the family, the Irish side, and, you know, wish everyone an early St. Patrick's Day. It is, again, the most important holiday of the year.

DESVARIEUX: And thank you for joining us on The Real News Network.

End

DISCLAIMER: Please note that transcripts for The Real News Network are typed from a recording of the program. TRNN cannot guarantee their complete accuracy.


Comments

Our automatic spam filter blocks comments with multiple links and multiple users using the same IP address. Please make thoughtful comments with minimal links using only one user name. If you think your comment has been mistakenly removed please email us at contact@therealnews.com

Comments


Latest Stories


From 9/11 to Mass Surveillance, The Man Who Knew Too Much - Thomas Drake on RAI (2/5)
As Allegations Mount Against Pocomoke Officials, Black Community Plans Electoral Challenge
Germans Get Debt Relief Twice in 20th Century, But Demand Greeks Pay Up
Republican Rank-and-File Line Up Against Financial Regulation
From 9/11 to Mass Surveillance, The Man Who Knew Too Much - Thomas Drake on RAI (1/5)
The Anti-Capitalist Greek Left Says No to Austerity and Bailouts (1/2)
The Return of the Troika (2/2)
Tsipras Defends Varoufakis Preparation for Grexit (1/2)
George Jackson: Releasing the Dragon - a Video Mixtape Preview
Pocomoke Mayor Discusses Firing Black Police Chief as ACLU Says City Can't Bar Press
Prisoners Now Eligible for Pell Grants to Earn College Degrees
Governor Hogan Orders Closing of Notorious Baltimore Detention Center
In Testing 'Southern Heritage', Some Face the Gun
The Silent & Unseen Victims of the Greek Debt Crisis
Placating Israel Over Iran Nuclear Deal By Releasing Convicted Spy Pollard?
Confusion, Leadership Vacuum Fueled Freddie Gray Unrest
Varoufakis Sued for Alleged Treason While Syriza's Left Platform Is Accused of Conspiracy
Prosecutor Charges Cop, Releases Video of Sam Dubose Killing
A New War is Unfolding on Turkey's Eastern Border
What Obama Didn't Say in His African Union Address
Will Congress Unravel the Iran Nuclear Deal?
Turkey Enters Fight Against ISIS, But Target is Still Assad
Sandra Bland and Black Girls Matter
Gay Pride Celebrated Amid Concerns Over Trans Rights
Movement for Black Lives Conference Demonstrates Power of Organized Community
Only Civilian Oversight with Subpoena Power Will Stop Sheriff Abuse, Say LA County Residents
Nations Exposed To Risky International Debt Financing, Why & What's at Stake? (1/2)
Donald Trump and Liberal Media: The Joke's On You
Erratic Weather or Climate Change?
Ending Mass Incarceration? The Shortcomings of Left-Right Coalition Politics (1/2)

RealNewsNetwork.com, Real News Network, Real News, Real News For Real People, IWT are trademarks and service marks of IWT.TV inc. "The Real News" is the flagship show of IWT and Real News Network.

All original content on this site is copyright of The Real News Network. Click here for more

Problems with this site? Please let us know

Linux VPS Hosting by Star Dot Hosting