Neo-liberalism and austerity in one paragraph
Michael Hudson on Europe, but it's just as true here:
At issue from Europe’s vantage point – at least that of its bankers – is a broad principle: Governments should run their economies on behalf of banks and bondholders*. They should bail out at least the senior creditors of banks that fail (that is, the big institutional investors and gamblers) and pay these debts and public debts by selling off enterprises and shifting the tax burden onto labor. To balance their budgets they are to cut back spending programs, lower public employment and wages, and charge more for public services from medical care to education.
It's exactly what's happening here, fully supported by both legacy parties and the "progressive" Boddisattva, Obama.
NOTE * IOW, James Carville was right.
NOTE Economic numbers pretty ugsome, too. That's because austerity doesn't work, except for the bankster elite.