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Austerity Dogs

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On 10 December 2014, Williamson published the lyrics collection [16] Grammar Wanker: Sleaford Mods 2007-2014, [17] followed by Jason Williamson's House Party: Sleaford Mods 2014-2019 [18] in 2019. To help improve the U.S. economy, they (Rogoff and Reinhart) advocated reductions in mortgage principal for 'underwater homes'—those whose negative equity (where the value of the asset is less than the mortgage principal) can lead to a stagnant housing market with no realistic opportunity to reduce private debts. [23] Multiplier effects [ edit ] One reason why austerity can be counterproductive in a downturn is due to a significant private-sector financial surplus, in which consumer savings is not fully invested by businesses. In a healthy economy, private-sector savings placed into the banking system by consumers are borrowed and invested by companies. However, if consumers have increased their savings but companies are not investing the money, a surplus develops. Across an economy, one person's spending is another person's income. In other words, if everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. In the past this has been offset by encouraging consumerism to rely on debt, but after the 2008 crisis, this is looking like a less and less viable option for sustainable economics.

Further, critics such as Major have highlighted how the OECD and associated international finance organisations have framed the debate to promote austerity, for example, the concept of 'wage-push inflation' which ignores the role played by the profiteering of private companies, and seeks to blame inflation on wages being too high. [38] Empirical considerations [ edit ] With the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011 [43] Indicating despite declining budget deficits GDP growth was not sufficient to support a decline in the debt-to-GDP ratio for these countries during this period. According to a 2020 study, austerity does not pay off in terms of reducing the default premium in situations of severe fiscal stress. Rather, austerity increases the default premium. However, in situations of low fiscal stress, austerity does reduce the default premium. The study also found that increases in government consumption had no substantial impact on the default premium. [39] In the 1930s during the Great Depression, anti-austerity arguments gained more prominence. John Maynard Keynes became a well known anti-austerity economist, [16] arguing that "The boom, not the slump, is the right time for austerity at the Treasury."

O'Hagan, Sean (5 July 2015). "Sleaford Mods: 'The thing is, there really is no future for a lot of people out there' ". The Guardian. Many scholars have argued that how the debate surrounding austerity is framed has a heavy impact on the view of austerity in the public eye, and how the public understands macroeconomics as a whole. Wren-Lewis, for example, coined the term 'mediamacro', which refers to "the role of the media reproducing particularly corrosive forms of economic illiteracy—of which the idea that deficits are ipso facto 'bad' is a strong example." [35] This can go as far as ignoring economists altogether; however, it often manifests itself as a drive in which a minority of economists whose ideas about austerity have been thoroughly debunked being pushed to the front to justify public policy, such as in the case of Alberto Alesina (2009), whose pro-austerity works were "thoroughly debunked by the likes of the economists, the IMF, and the Centre for Budget and Policy Priorities (CBPP)." [36] Other anti-austerity economists, such as Seymour [37] have argued that the debate must be reframed as a social and class movement, and its impact judged accordingly, since statecraft is viewed as the main goal. France — 1926–1929, 1932, [129] 1934-1936, [130] 1938–1940, [131] 1958, 1976–1981, 1982–1986, 1995, 2010, 2014 [132] Different tax and spending choices of equal magnitude have different economic effects: [26] [27] [28] Economist Martin Wolf analyzed the relationship between cumulative GDP growth in 2008 to 2012 and total reduction in budget deficits due to austerity policies in several European countries during April 2012 (see chart at right). He concluded, "In all, there is no evidence here that large fiscal contractions budget deficit reductions bring benefits to confidence and growth that offset the direct effects of the contractions. They bring exactly what one would expect: small contractions bring recessions and big contractions bring depressions."

Harris, John (18 March 2015). "Grammar Wanker: Sleaford Mods 2007‑2014 by Jason Williamson – review' ". The Guardian . Retrieved 28 December 2020. In October 2012, the IMF announced that its forecasts for countries that implemented austerity programs have been consistently overoptimistic, suggesting that tax hikes and spending cuts have been doing more damage than expected and that countries that implemented fiscal stimulus, such as Germany and Austria, did better than expected. [24] Williamson was born 10 November 1970, and raised in Grantham, Lincolnshire. [7] Inspired by the mod subculture and musical sources like the Wu-Tang Clan, he spent several years pursuing music unsuccessfully, both with various groups and as a solo singer-songwriter. He had also worked as a session musician with local artists as well as Spiritualized and Bent. [10] [11] Fearn (born 1971 in Burton upon Trent) grew up on a farm in Saxilby, Lincolnshire. [7] [12] Stanley, Carl (16 September 2014). "Don't Suffer The Bullshit: Here's Sleaford Mods". Sabotage Times . Retrieved 15 August 2015.According to the CIA World Fact Book, "Latvia's economy experienced GDP growth of more than 10% per year during 2006–07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011–12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The term "age of austerity" was popularised by UK Conservative Party leader David Cameron in his keynote speech to the Conservative Party forum in Cheltenham on 26 April 2009, in which he committed to end years of what he called "excessive government spending". [113] [114] Theresa May claimed that "Austerity is over" as of 3 October 2018, [115] a statement which was almost immediately met with criticism on the reality of its central claim, particularly in relation to the high possibility of a substantial economic downturn due to Brexit. [116] Word of the year [ edit ] Sklinar Green, Kimberley-Marie (6 August 2015). "Leftfield and Sleaford Mods share new video for 'Head And Shoulders' ". Never Enough Notes . Retrieved 6 August 2015.

Changes in budget balances (deficits or surpluses) explained approximately 53% of the change in GDP, according to the equation derived from the IMF data used in his analysis. [49] By definition, a government budget deficit must exist so all three net to zero: for example, the U.S. government budget deficit in 2011 was approximately 10% of GDP (8.6% of GDP of which was federal), offsetting a foreign financial surplus of 4% of GDP and a private-sector surplus of 6% of GDP. [31] a b c "Sleaford Mods | full Official Chart History". Official Charts Company . Retrieved 19 May 2020. According to a 2020 study, austerity increases the risk of default in situations of severe fiscal stress, but reduces the risk of default in situations of low fiscal stress. [39] Europe [ edit ] Public Debt to GDP Ratio for Selected European Countries – 2008 to 2012. Source Data: Eurostat On 22 November 2023 they covered the Pet Shop Boys song ' West End Girls' with profits being donated to Shelter. [ citation needed] Musical style [ edit ]

According to economist Martin Wolf, the U.S. and many Eurozone countries experienced rapid increases in their budget deficits in the wake of the 2008 crisis as a result of significant private-sector retrenchment and ongoing capital account surpluses. In 2009, 2010, and 2011, workers and students in Greece and other European countries demonstrated against cuts to pensions, public services, and education spending as a result of government austerity measures. [98] [99] In 2013, it published a detailed analysis concluding that "if financial markets focus on the short-term behavior of the debt ratio, or if country authorities engage in repeated rounds of tightening in an effort to get the debt ratio to converge to the official target", austerity policies could slow or reverse economic growth and inhibit full employment. [57] Keynesian economists and commentators such as Paul Krugman have suggested that this has in fact been occurring, with austerity yielding worse results in proportion to the extent to which it has been imposed. [58] [59] Main article: Keynesian economics Red: corporate profits after tax and inventory valuation adjustment. Blue: nonresidential fixed investment, both as fractions of U.S. GDP, 1989–2012.

A typical goal of austerity is to reduce the annual budget deficit without sacrificing growth. Over time, this may reduce the overall debt burden, often measured as the ratio of public debt to GDP. [40] Relationship between fiscal tightening (austerity) in Eurozone countries with their GDP growth rate, 2008–12 [41] Eurozone [ edit ] Much of the acceptance of austerity in the general public has centred on the way debate has been framed, and relates to an issue with representative democracy; since the public do not have widely available access to the latest economic research, which is highly critical of economic retrenchment in times of crisis, the public must rely on which politician sounds most plausible. [153] This can unfortunately lead to authoritative leaders pursuing policies which make little, if any, economic sense. By definition, the sum of the surpluses or deficits across these three sectors must be zero. In the U.S. and many Eurozone countries other than Germany, a foreign financial surplus exists because capital is imported (net) to fund the trade deficit. Further, there is a private-sector financial surplus because household savings exceed business investment. Y ∂ G > γ = 1 + τ s + θ σ − 1 ψ τ i + τ s + θ {\displaystyle {\frac {\partial Y}{\partial G}}>\gamma ={\frac {1+\tau _{s}+\theta \sigma a b c Harrison, Ian (26 February 2014). "Sleaford Mods: Notts Duo Make Incensed English Rap Murk". Mojo magazine. Archived from the original on 26 April 2014 . Retrieved 23 September 2014.So why is it your Album Of The Year?", you scream? Because some of us are obstinate, stubborn and true to what we believe, regardless of whether it may be palatable to the masses (or even to the talented, active musicians that earn a small crust here in t'Towers). It's only one of more than 50 great albums released this year, but it's arguably the most genuinely "punk", "urban" and "street" UK recording out of the whole bunch. 'Austerity Dogs' is the most furious blast of noxious whiteboy thug rap, hilarious social commentary and sparse, brittle DIY electro-punk you'll hear in 2013, and possibly until this Midlands duo see fit to write a proper follow-up.

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