RIP Austerity Economics

Here's a really good analysis of Austerity economic philosophy, including its roots, it's supporters, how it's been implemented in both western European countries and as a condition of IMF and World Bank loans, and what it's done to these countries.

This is the time of year when we're reminded of all the famous people who died over the last twelve months, a list which includes two of my favorite guitar players (Hubert Sumlin and Cornell Dupree). But there were also some notable non-human deaths in 2011, especially in the world of economic policy.

One of those deaths should have completely altered the political debate in Washington. The name of the deceased was "Austerity Economics," and it was first glimpsed in a 1921 paper by conservative economist Frank Wright. Austerity died of natural causes brought on by prolonged exposure to reality.

But the debate in Washington didn't change nearly enough after its passing. In the nation's capital, dead things still rule the night.

Thanks to Richard Eskow at Crooks & Liars (click here for the whole article)

A Welcome Home Kiss

A welcome home kiss, from TPM

Sheriff’s Office special taxing district to hold hearing on 2012 budget

Courtesy of Matt Davis at The Lens:

 Friday, December 16 at 3pm at Sheriff Gusman's offices at 619 S. Broad Street.

A little-scrutinized but powerful government body run by Orleans Parish Sheriff Marlin Gusman is holding a public hearing on its budget on Friday, though scant information on the budget has been made available.

The organization is the taxpayer financed Orleans Parish Law Enforcement District.

By law, the district’s budget must be available 10 days in advance of the hearing for the review, but it’s unclear whether the document given to The Lens is the right budget.

The district primarily exists to borrow and pay back money used for bricks-and-mortar projects, and a page included with the Sheriff’s Office budget is entitled “Debt Service Fund.” The Lens asked the Sheriff’s Office to verify that this is the Law Enforcement District budget but received no response.

Click Here to be taken to the original report.