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…