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Nairaland Forum / Nairaland / General / Politics / Is Austerity The Way Out? (432 Views)
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Is Austerity The Way Out? by chemali: 8:33pm On Dec 29, 2014 |
Tinubu in an economic paper said: Austerity weakens aggregate demand, deflating an economy already fatigued and against the ropes. Those with hefty portfolios, profit as the value of their holdings appreciates by the very dynamics of deflation. Those who don’t have, find money even dearer to come by. Jobs and commerce disappear. Debt climbs. Deflation turns a noble but poor household into a comity of beggars and street urchins. The austerity that the current administration offers is an insensitive, myopic policy that lends primacy of favour to meaningless accounting figures instead of to the material well-being of the people. Austerity undermines our economic pillars and breaks the spirit of the people. Austerity is the merchant of pessimism and hopeless futility. If you desire a nation of thralls, by all means continue this bleak path. If we want a nation of prosperity and economic justice, a different course is our due. Paul Krugman, a Nobel prize for economics winner, said: Let’s start with a tale from overseas: austerity policy in Britain. As you may know, back in 2010 Britain’s newly installed Conservative government declared that a sharp reduction in budget deficits was needed to keep Britain from turning into Greece. Over the next two years growth in the British economy, which had been recovering fairly well from the financial crisis, more or less stalled. In 2013, however, growth picked up again — and the British government claimed vindication for its policies. Was this claim justified? I believe it's high time leading Nigerian economist develop home grown policies to grow our economy. The cycle of austerity in low oil prices and corruption in times of high oil prices need to stop. Nothing has really changed in policies over the past few years. |
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