Professor Mark Blyth of Brown University has put together a video describing the real impact of austerity on an economy and how it can lead to deflationary spirals.
The real focus on the video is, however, on explaining how public budget cuts in an effort to trim government debt is actually an attacks on the lower classes in a society.
It is a compelling argument, but, like anything explained in a five minute video, imperfect. Something definitely worth checking out no matter what side of the austerity/stimulus debate you stand on.
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