Saturday, June 02, 2012
The word depression conjures up a variety of mostly negative definitions. It can be defined as a depression in the ground which your car must avoid or new shock absorbers will need installing; it can be a tropical depression which sometimes brings hurricanes; it can be an emotional depression which sometimes brings suicide OR in the case of this opinion, depression spelled with a big "D", can bring economic catastrophe which may usher in all the previously mentioned definitions of depression.
An economic depression with austerity as its remedy can create holes in the roads from lack of infrastructure repair, and climate change emanating from a do nothing government controlled by tooth fairy believers who think praying it away will work just as effectively as alternative energy. Republicans will usher in more staunch believers in the oil barons who dupe the gullible to lasso their billions. It can bring job loss, home foreclosures, and people thrown out onto the street with no health insurance who become sick, massively depressed and suicidal. Who could blame them? The consequences of yet another economic Depression are dire and as I define it we may be catapulting ourselves into not only another national Depression but into a global THIRD.
To review: 1929 most of us know was the first Great Depression; Dr. Paul Krugman, the academic economic genius, terms 2008 – the so called Great Recession -- a Depression in his new book entitled "End this Depression Now" and, yet again, if we are to believe a hysterical and corporate money-soaked media which wants you to buy their advertisements, a THIRD Depression looms. This time the media may be correct.
Funny or not so funny this occurs just in time for the American electorate to vote charlatans, immoral austerity cranks and uncaring know nothings into Congress and ensure a victory for their puppet one percenter Willard Mitt Romney. He will take a victory walk directly into 1600 Pennsylvania Avenue and effectively make this dire situation worse. He will make a colossal amount of bucks for himself (as if $250,000,000 of his estimated wealth is not enough) and, for his crony present-day robber barons of Wall Street. The wealthiest 1% will, in celebratory TV series Glee-like form, do a line, disco or chorus dance when he arrives.
The argument of the know nothing right is that more government austerity and regulatory anarchy is needed. Eliminate government spending, let the market have its way and voila Depression cured. I think NOT. I am not an economist as most who know me understand my hysteria over anything math. However, Dr. Krugman explains here and below for those who want to read his expertise why for a country as opposed to an individual austerity remedial effects for debt are different and why the consequences of austerity could be so calamitous. It WILL bring global and national economic collapse.
The THIRD Great Depression looms. The Republican austerity agenda eliminating social safety nets when desperately needed most will NEVER make this Depression disappear ... EVER and no amount of Prosac for this Depression will help. Read and heed Dr. Paul Krugman. He is always right!