Blood on the floor

Worth watching today are the massive cuts to the public sector being announced by the Tory-Lib Dem coalition government today in the UK.

The chief secretary of the Treasury was photographed holding a briefing paper that acknowledged the loss of nearly 500,000 public sector jobs over the next three years.

University funding is slated to be cut by 80%.

It’s a total bloodbath.

As Joseph Stiglitz explains in an interview today, it also makes absolutely no economic sense.  If you suddenly cut the jobs of a significant amount of the population, they no longer have the income to purchase products, and the economy begins to contract.  Recession turns into depression.

1929 here we come…

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