Austerity Dogs

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With the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011 [43] Indicating despite declining budget deficits GDP growth was not sufficient to support a decline in the debt-to-GDP ratio for these countries during this period. Latvia's economy returned to growth in 2011 and 2012, outpacing the 27 nations in the EU, while implementing significant austerity measures. Advocates of austerity argue that Latvia represents an empirical example of the benefits of austerity, while critics argue that austerity created unnecessary hardship with the output in 2013 still below the pre-crisis level. [70] [71] While Anders Åslund maintains [72] that internal devaluation was not opposed by the Latvian public, Jokubas Salyga has recently chronicled [73] widespread protests against austerity in the country. Contemporary Keynesian economists argue that budget deficits are appropriate when an economy is in recession, to reduce unemployment and help spur GDP growth. [18] According to Paul Krugman, since a government is not like a household, reductions in government spending during economic downturns worsen the crisis. [19]

In 2016, an important turning point took place after many years, as Sleaford Mods left Harbinger Sound and signed with Rough Trade Records. Their first release on the new label was the T.C.R. EP in 2016. [ citation needed] The term "age of austerity" was popularised by UK Conservative Party leader David Cameron in his keynote speech to the Conservative Party forum in Cheltenham on 26 April 2009, in which he committed to end years of what he called "excessive government spending". [113] [114] Theresa May claimed that "Austerity is over" as of 3 October 2018, [115] a statement which was almost immediately met with criticism on the reality of its central claim, particularly in relation to the high possibility of a substantial economic downturn due to Brexit. [116] Word of the year [ edit ] Main article: Keynesian economics Red: corporate profits after tax and inventory valuation adjustment. Blue: nonresidential fixed investment, both as fractions of U.S. GDP, 1989–2012.

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a b c d e f Harris, John (17 July 2014). "Sleaford Mods: 'Most days I'd only have enough money for a Mars bar and a can of Special Brew' ". The Guardian . Retrieved 18 July 2014. Starkey, Adam (4 April 2022). "Sleaford Mods frontman Jason Williamson makes cameo in 'Peaky Blinders' finale". NME . Retrieved 28 January 2023.

Economist Martin Wolf analyzed the relationship between cumulative GDP growth in 2008 to 2012 and total reduction in budget deficits due to austerity policies in several European countries during April 2012 (see chart at right). He concluded, "In all, there is no evidence here that large fiscal contractions budget deficit reductions bring benefits to confidence and growth that offset the direct effects of the contractions. They bring exactly what one would expect: small contractions bring recessions and big contractions bring depressions." In 2009, 2010, and 2011, workers and students in Greece and other European countries demonstrated against cuts to pensions, public services, and education spending as a result of government austerity measures. [98] [99] Wolf explained in July 2012 that the sudden shift in the private sector from deficit to surplus forced the U.S. government balance into deficit: "The financial balance of the private sector shifted towards surplus by the almost unbelievable cumulative total of 11.2 per cent of gross domestic product between the third quarter of 2007 and the second quarter of 2009, which was when the financial deficit of US government (federal and state) reached its peak.... No fiscal policy changes explain the collapse into massive fiscal deficit between 2007 and 2009, because there was none of any importance. The collapse is explained by the massive shift of the private sector from financial deficit into surplus or, in other words, from boom to bust." [31] Coughlan, Jamie. "Sleaford Mods Stream 'No One's Bothered', Announce 3rd LP 'Key Markets' ". Overblown Webzine . Retrieved 23 May 2015.To help improve the U.S. economy, they (Rogoff and Reinhart) advocated reductions in mortgage principal for 'underwater homes'—those whose negative equity (where the value of the asset is less than the mortgage principal) can lead to a stagnant housing market with no realistic opportunity to reduce private debts. [23] Multiplier effects [ edit ] One year later, Sleaford Mods left Rough Trade, which eventually led to the dismissal of their long-time manager (and owner of Harbinger Records), Steve Underwood. [24] The IMF reported that this was due to fiscal multipliers that were considerably larger than expected: for example, the IMF estimated that fiscal multipliers based on data from 28 countries ranged between 0.9 and 1.7. In other words, a 1% GDP fiscal consolidation (i.e., austerity) would reduce GDP between 0.9% and 1.7%, thus inflicting far more economic damage than the 0.5 previously estimated in IMF forecasts. [25] Main article: Sectoral balances Sectoral balances in U.S. economy 1990–2012. By definition, the three balances must net to zero. Since 2009, the U.S. capital surplus and private-sector surplus have driven a government budget deficit. If you dig the cynical, parochial, outsider attitude of acts as diverse asMC Pitman,The Fall,John Cooper Clark,Half Man Half Biscuit, et al then you'll recognise the unapologetic, uncompromising mettle present here. Like the aforementioned acts,Sleaford Modshave got a fabulous grasp of the mechanics of penning a raw, manic pop tune. Yes: this is somehow an incredibly catchy album under the grit and spit. The lyrics are often unpleasant, but in the same strike come over as blatantly ironic, observational prose. This isn't sour provocation. It's downright toxic genius!

Williamson was born 10 November 1970, and raised in Grantham, Lincolnshire. [7] Inspired by the mod subculture and musical sources like the Wu-Tang Clan, he spent several years pursuing music unsuccessfully, both with various groups and as a solo singer-songwriter. He had also worked as a session musician with local artists as well as Spiritualized and Bent. [10] [11] Fearn (born 1971 in Burton upon Trent) grew up on a farm in Saxilby, Lincolnshire. [7] [12] Sleaford Mods are an English post-punk music duo, formed in 2007 in Nottingham. The band features vocalist Jason Williamson and, since 2012, musician Andrew Fearn. [7] They are known for their abrasive, minimalist musical style and embittered explorations of austerity-era Britain, culture, and working class life, delivered in Williamson's East Midlands accent. [1] The duo have released several albums to critical praise. [2] [8] [9] History [ edit ] Jason Williamson, Sleaford Mods, Glastonbury Festival, 2019 By definition, a government budget deficit must exist so all three net to zero: for example, the U.S. government budget deficit in 2011 was approximately 10% of GDP (8.6% of GDP of which was federal), offsetting a foreign financial surplus of 4% of GDP and a private-sector surplus of 6% of GDP. [31] Policy choices had little to do with these deficit increases. This makes austerity measures counterproductive. Wolf explained that government fiscal balance is one of three major financial sectoral balances in a country's economy, along with the foreign financial sector (capital account) and the private financial sector. Across an economy, one person's spending is another person's income. In other words, if everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. In the past this has been offset by encouraging consumerism to rely on debt, but after the 2008 crisis, this is looking like a less and less viable option for sustainable economics.Sleaford Mods: "I apologise for making fun of NME in our song" ". Nme.com. 18 May 2020 . Retrieved 7 December 2021.