Austerity Is Poisoning The Economy, In 2 Charts

It appears as we all with sense have predicted the tea party influenced GOP congress has strangled economic growth with their unnecessary and dangerous budget cuts.

Austerity is like a bad tattoo: It's going to be with us, causing misery, for years to come. The broad spending cuts that were the fruits of the Republican Congress' budget obsession of the past few years have already cost the U.S. economy $351 billion in lost economic activity, according to a new study by the Center for American Progress. This austerity will cost a total of $633 billion by the year 2020, according to the study. Here's a chart from CAP to help put it in perspective: CHART LINK: www.huffingtonpost.com...

The obsession of these people is striking; they seem to get some kind of eerie satisfaction about cutting budgets when there is no economic sense behind such cuts…

"Congress has severely damaged the economy with deep spending cuts in a misguided attempt to solve a short-term debt crisis that simply does not exist," wrote CAP economists Harry Stein and Adam Hersh. The progressive think tank's analysis is based on the latest budget outlook from the Congressional Budget Office, the nonpartisan congressional research group, which was released on Tuesday. The CBO found that, despite relentless panic about supposedly out-of-control government spending, the long-term path of federal debt has dramatically improved lately. You can see that in this second CAP chart, showing the CBO forecast for the ratio of federal debt to gross domestic product:

CHART LINK: www.huffingtonpost.com...

You might get told that these are typical lies of the ultra-progressive leftists in about

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but not by me. I could present some charts about austerity and why it does not help Europe, too!

a reply to: Willtell

For every argument, there is a blame. but who do we blame, its not just one party its all of them, one can say sure this chart shows the loss of GDP, but what it don't show is what the cuts did to save money on the tax payers, like I said they are all to blame.

The Tea Party is to blame for our current economic state?

Well, Obama had to find a new scapegoat, blaming it on GW Bush was bound to wear thin after this many years!

What austerity?

You mean the trillion dollar stimulus that is built into the budget with an automatic increase every year?
It's called baseline budgeting. Do left wing economic illiterates know what that means?
How about the 1974 budget act? Do they know what that law does with the word stimulus?

Just need more time and more money, then we will have utopia. Right.

Center for American progress.
Well there's an non partisan institution if I've ever seen one.
More like "center for Marxist propagandists"

How in the world is spending less money a bad thing?

Obviously you have to spend some but you cannot tell me that having unchecked spending is good for the economy.

Sorry can't get a link up on my iPhone.

Ats search "Obama the tyrant"

Maybe it's more of a matter of what should be cut and what shouldn't be cut and what they chose to do with the money!!

I mean cutting the programs that provide help to the unemployed and underpriviledge doesn't help much if they just decide to give the money they saved to the bank to save the wall street assets or give the super rich tax cuts! When you do that you are gonna get basically what we have a strong stock market, a wide income gap, and the real economy that most of us live in dying a slow death!! The to 10%-20% cannot, will not consume enough goods to keep the economy rolling ahead! They will buy what they need and some of what they want but the majority of their income will end up in off shore bank accounts or at the wall street casino where they now know they can't lose! Because our fine gov't will save them even if it means taking the money from your IRA and savings accounts and replacing them with IOU's like they did with the social security funds!