I fear I may have missed a lesson or two from basic economics because the current austerity approach doesn’t appear to make sense.
Maybe someone can help me. Here’s what I know.
1. I understand that the country has a debt to pay off. We’re not the only country to have one, but I also know that we’ve had bigger debts in our past (that’s debt as a proportion of GDP).
2. Everyone says there’s a rush to do it.
3. I know that we need growth. But it’s obviously elusive since we have heard many promises but it has yet to appear.
4. I know that everything depends upon people spending, as well as financial investment in the economy. If we don’t spend, we can’t grow.
Okay so far?
If so, this is what I’m not getting: why are major cities that have for many years relied upon public…
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