In response to:

Uh Oh: Eurozone Enters Recession for Second Time Since 2009

Resist, We Much!!! Wrote: Nov 15, 2012 7:09 PM
"They listened to the Tea Party types and implemented austerity measures at the worst time possible. America is holding steady and growing slowly because of the stimulus. Smoke on that, bunch of reactionary kooks. " Portugal: A €2.2 billion stimulus package 2009, 1.25% of GDP, resulted in economic growth that stayed negative and 3 million more unemployed Portuguese workers. The country's finance minister told the New York Times, “it didn’t turn things around, and may have made things worse.” France: In France, "austerity" almost entirely meant tax increases: A 3% surtax on incomes above €500,000. A 1% increase in the top marginal income tax rate (40% to 41%). The automatic indexation of tax brackets for inheritance, wealth, and
Resist, We Much!!! Wrote: Nov 15, 2012 7:10 PM
Corporate taxes were raised 5% on businesses with revenues of more than €250 million.

There was a hike in the capital gains tax rate. (Currently, capital gains are taxed at the rate of 19%, plus 13.5% social charges. The social charges will increase to 15.5% on 1 July 2012, giving a total rate of 34.5%).

Several corporate tax breaks were ended.

The VAT increased from 19.2% to 21.2% and reduced VAT went from 5.5% to 7%.

Excise taxes on tobacco and alcohol were hiked.

There were some reforms to entitlements and welfare programmes, but they haven't yet taken effect. For example, France raised its retirement age from 60 to 62.....but that reform will not take effect until 2017. Also, the cap on government spending on healthcare doesn't
Resist, We Much!!! Wrote: Nov 15, 2012 7:10 PM
take effect until next year.

It is kind of hard to blame cuts that haven't taken effect for France's slowing growth while ignoring tax increases that have.


Imposed a wealth tax on citizens with €700,000 of assets.

Imposed 7% income tax on those earning more than €300,000 per year.

Hiked the capital-gains tax rate.
Resist, We Much!!! Wrote: Nov 15, 2012 7:12 PM

Imposed a Solidarity Tax of 3% on all taxpayers earning more than €300,000.


One of the first "austerity" measures taken by the Cameron-led coalition was the imposition of a 50% income tax on the "evil rich." This hike resulted in a £509 million decrease in tax revenues to the Treasury.

The Coalition did trim some government payrolls and cut back on a few government programmes, but government spending still consumes a whopping 49% of GDP.

Most importantly, actual government spending increased by £59.2 billion from 2009 to 2011.


Increased taxes nearly twice as much as it cut spending.

5% surtax on the wealthy.

VAT hiked to 23%.

Fuel, alcohol, and tobacco taxes were hiked.

As Michael Tanner of CATO
Resist, We Much!!! Wrote: Nov 15, 2012 7:13 PM
has said, "It should come as no surprise that all those new taxes, combined with a lack of spending restraint, has threatened to throw Europe back into a double-dip recession. Is it any wonder that French, Greek, and British voters were anxious to “throw the bums out”? Wait, this sounds familiar. Tax hikes on the rich accompanied by vague promises of future spending restraint, while refusing to restructure entitlement programs. That sounds a lot like . . . Barack Obama. Maybe the U.S. can learn something from Europe after all."

Too bad that Obama is too stubborn and ignorant to heed the lessons of "austerity" in Europe.

This Is The Dawning Of The Age Of "Austerity"?
Resist, We Much!!! Wrote: Nov 15, 2012 7:24 PM
Where are all of the devastating cuts?

You see, idiots, AUSTERITY means tax rises and, primarily, POSTPONED SPENDING CUTS, which is EXACTLY what you stupid fvcks want to do here.

Fine. You own the next recession.

Who's up for one more piece of worrisome economic news today?  Katie's already caught you up to speed on the dramatic increase in weekly jobless claims (we'll need to see some additional post-Sandy data points to determine if this is a trend or an outlier), and Kevin ran through some of the basic figures behind our impending fiscal cliff.  Let's hop across the pond to open door number three:

The euro zone debt crisis dragged the bloc into its second recession since 2009 in the third quarter despite modest growth in Germany and...