It's assumed that austerity is a given.
The oil price may have climbed off its low recently, but Russia’s government budget remains a shambles. Russia’s political class is beginning, slowly, to come to terms with a new reality: hitting this year’s budget deficit target of 3% of GDP without increasing debt levels will require significant tax hikes or spending cuts. For the first time since Russian President Vladimir Putin took power, the political class has to work out how to impose austerity in a time of recession.Neoliberalism and moronism rules.
COMMENT: Russia considers how to impose austerity in a time of recession
Chris Miller | Associate Director of the Program in Grand Strategy at Yale University