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…

Advertisements

Leave a comment

Filed under class war

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s