Expansion Quotes - page 4
The belief that we can maintain current levels of consumption, especially of animal products, capitalist expansion, imperial wars, a reliance on fossil fuels and abject subservience to unfettered corporate power, which has solidified the worst income inequality in human history, is not a form of hope but suicidal self-delusion. We are not headed under the policies of the Biden administration and the global ruling elite for the broad sunlit uplands of a new and glorious future, but economic misery, vast climate migrations, waves of new and more virulent pandemics, of which COVID-19 is a mild precursor, along with irreversible ecological systems collapse and frightening forms of societal breakdown, authoritarianism and neofascism.
Chris Hedges
As is often the case with major disputes in economics, the argument over fiscal policy went on for years, with some critics of fiscal policy still defending their position when this book went to press. It seems fair, however, to say that among economists a more or less Keynesian view of the effects of fiscal policy came to prevail. Careful statistical studies at the International Monetary Fund and else where showed that austerity policies have historically been followed by contraction, not expansion. Recent experience, in which countries like Spain and Greece that were forced into severe austerity also experienced severe slumps, seemed to confirm that observation. Furthermore, it was clear that those who had predicted a sharp rise in U. S. interest rates due to budget deficits, leading to conventional crowding out, had been wrong: U. S. long-term interest rates remained near record lows even during the years from 2009 to 2012, when the government ran very large deficits.
Paul Krugman