Black People : Fed Reserve wants to cut Social Security and Medicare? They think they're gods now?

Discussion in 'Black People Open Forum' started by Ankhur, Apr 9, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Thursday, April 8, 2010

    Bernanke: We Must Raise Taxes and Cut Services •
    Sane People: No, We Need to Stop Endless Bail Outs, Imperial Adventures and Fraudulent Schemes


    This week, both Bernanke and Volcker called for tax increases. Bernanke has also raised the possibility of reductions in entitlements such as Medicare and Social Security.

    As I pointed out last June:


    When the International Monetary Fund or World Bank offer to lend money to a struggling third-world country (or "emerging market"), they demand "austerity measures".

    As Wikipedia describes it:

    In economics, austerity is when a national government reduces its spending in order to pay back creditors. Austerity is usually required when a government's fiscal deficit spending is felt to be unsustainable.

    Development projects, welfare programs and other social spending are common areas of spending for cuts. In many countries, austerity measures have been associated with short-term standard of living declines until economic conditions improved once fiscal balance was achieved (such as in the United Kingdom under Margaret Thatcher, Canada under Jean Chrétien, and Spain under González).

    Private banks, or institutions like the International Monetary Fund (IMF), may require that a country pursues an 'austerity policy' if it wants to re-finance loans that are about to come due. The government may be asked to stop issuing subsidies or to otherwise reduce public spending. When the IMF requires such a policy, the terms are known as 'IMF conditionalities'.

    full article;
    http://www.washingtonsblog.com/2010/04/bernanke-we-must-raise-taxes-and-cut.html

    WARNING THIS IS A BLOG, THEREFORE CROSS REFERENCING IS SUGGESTED
     
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