Meanwhile in America

I’m guessing most in HK are still excited about and/or tired due to the great march on Friday. Let us tune into global political economy for a bit to see why HK is not such a bad place, relatively speaking, as the whole world is really fucked up.

Saturday, we have Obama saying (my bold):

…Government has to start living within its means, just like families do.  We have to cut the spending we can’t afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs.

The good news is, Democrats and Republicans agree on the need to solve the problem.  And over the last few weeks, the Vice President and I have gotten both parties to identify more than $1 trillion in spending cutsThat’s trillion with a ‘t.’  But after a decade in which Washington ran up the country’s credit card, we’ve got to find more savings to get out of the red.  That means looking at every program and tax break in the budget – every single one – to find places to cut waste and save money.  It means we’ll have to make tough decisions and scale back worthy programs.  And nothing can be off limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.

Paul Krugman’s respond to the first passage:

Yep, the false government-family equivalence, the myth of expansionary austerity, and the confidence fairy, all in just two sentences.

It seems the US, Europe and China are very keen to bring about the economic apocalypse.

http://wp.me/pXZbk-rL

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