Friday, December 30, 2011

More insanity: Spain's deficit unexpectedly rises so another round of austerity proposed!

Spain revises up deficit and raises taxes

Spain revises up 2011 budget deficit forecast to 8 pct of GDP; fresh austerity announced

MADRID (AP) -- Spain's new government warned Friday that the country's budget deficit will be much higher than anticipated this year, as it unveiled a first batch of austerity measures that include surprise income and property tax hikes.

Read rest of article here.

European leaders believe that the problems in Europe stem from too much debt and deficits being too high. So what have they been doing? Imposing austerity, purportedly to "cure" this problem.

And what has happened?

Deficits have gotten bigger.

So what do they do to fix that new problem?

Impose more austerity.

This is Einstein's definition of insanity. Doing something over and over again and expecting a different result every time.

When will this neo-liberal madness end? Unfortunately, not until most of the world is starving or, we're in WWIII, it seems.


Anonymous said...

The beatings will continue until morale improves.

Matt Franko said...

Now watch for the morons to say: "they cheated" or some BS.

Vanity Fair will now have to dispatch Michael Lewis to Spain for a boozy week holed up in the hotel and then come back and write a BS propaganda piece about how now the Spaniards don't pay their taxes just like Greece...

mike norman said...


Or how 'bout this one:

"No matter how much I cut it, it's still too short."

(One of Warren's favorites!)

mike norman said...


Even Vanity Fair will soon start to see how this is a sham!

Ryan Harris said...

'deficit unexpectedly rises'

Yeah...Didn't see that one coming

Anonymous said...

I like that one Mike. Stephanie Kelton also tweeted that line today.

I'm thinking its like the anorexic who finds herself too weak to harvest all of the vegetables she plants in her garden, and who decides the solution is to go on a diet and plant fewer vegetables.

googleheim said...

let's spray gasoline on the fire ???/