Austerity- In US?

Austerity- In US?

In economics, austerity is when a government reduces its spending and/or increases user fees and taxes to pay back creditors. Austerity is usually required when a government's fiscal deficit spending is felt to be unsustainable. In Europe it’s a reprieve from a long dinner served with all the dressings and deserts- now the meal is over and the check needs to be paid. The social system that has provided exemplary services to the citizens and allowed for a high quality of life to exist for a generation has now showed the seething underbelly of its cost. Europe is now forcing massive lifestyle changes onto its population and frankly it’s not being taken very well. Greece kicked off the party. Now being followed by Spain Italy Ireland and Portugal. When we look at the level of debt that those countries are carrying it’s no doubt that measures need to be taken to protect the people—well from themselves. The question we should ask? Are we next?

I attached some recent news blips. I look forward to your responses.

http://www.euronews.net/2010/05/26/angry-reaction-to-italy-s-austerity-plans/ http://www.huliq.com/1/93404/right-after-greece-portugal-switches-austerity-plan http://www.independent.co.uk/news/world/europe/spain-faces-unrest-as-new-austerity-plan-is-announced-1972211.html