This past summer Greece announced severe austerity measures to try to stem the tide of financial ruin. In the last 6 weeks, France has been plagued by strikes and protests over similar announcements from their government. Today, Britain announced draconian cuts in government spending and Citigroup Inc.’s chief economist predicts the US is not far behind.
It seems like almost anywhere one looks in the world these days government outlays are being pulled back.
What is so wrenching about these scenarios is that, while the rich continue to get richer, it is the shrinking middle class and the working poor who will bear the brunt of these massive cuts. The people and corporations who have caused this international fiscal meltdown will escape relatively unscathed, but the people who depend on public expenditures for their sustenance will be thrown under the bus.
The picture is bad all the way around...and it's growing worse by the day.
It seems like almost anywhere one looks in the world these days government outlays are being pulled back.
What is so wrenching about these scenarios is that, while the rich continue to get richer, it is the shrinking middle class and the working poor who will bear the brunt of these massive cuts. The people and corporations who have caused this international fiscal meltdown will escape relatively unscathed, but the people who depend on public expenditures for their sustenance will be thrown under the bus.
The picture is bad all the way around...and it's growing worse by the day.
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