Austerity Dogs

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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] Overall, Greece lost 25% of its GDP during the crisis. Although the government debt increased only 6% between 2009 and 2017 (from €300 bn to €318 bn) — thanks, in part, to the 2012 debt restructuring —, [60] [61] the critical debt-to-GDP ratio shot up from 127% to 179% [60] mostly due to the severe GDP drop during the handling of the crisis. In all, the Greek economy suffered the longest recession of any advanced capitalist economy to date, overtaking the US Great Depression. As such, the crisis adversely affected the populace as the series of sudden reforms and austerity measures led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. [62] [63] [64] Unemployment shot up from 8% in 2008 to 27% in 2013 and remained at 22% in 2017. [65] As a result of the crisis, Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks left the country. [66] [67] France [ edit ] Sklinar Green, Kimberley-Marie (6 August 2015). "Leftfield and Sleaford Mods share new video for 'Head And Shoulders' ". Never Enough Notes . Retrieved 6 August 2015. a b c "Sleaford Mods | full Official Chart History". Official Charts Company . Retrieved 19 May 2020. Y ∂ G > γ = 1 + τ s + θ σ − 1 ψ τ i + τ s + θ {\displaystyle {\frac {\partial Y}{\partial G}}>\gamma ={\frac {1+\tau _{s}+\theta \sigma

Deadly Beefburger Records, A52 Sounds, Harbinger Sound, Ipecac, Invada, Little Teddy Recordings, Rough Trade Records Austerity measures are typically pursued if there is a threat that a government cannot honour its debt obligations. This may occur when a government has borrowed in currencies that it has no right to issue, for example a South American country that borrows in US Dollars. It may also occur if a country uses the currency of an independent central bank that is legally restricted from buying government debt, for example in the Eurozone. a b Ellis, Amelia (9 September 2014). " "I swear too much but I can't help it" – the Sleaford Mods interview". Nottingham Post. Archived from the original on 29 September 2014. Drake, Mandy (25 March 2015). "Leftfield are releasing a new record, their first in 16 years". Loud and Quiet. Archived from the original on 2 April 2015 . Retrieved 26 March 2015. Williamson formed the band with Simon Parfrement, with whom he worked alongside a studio engineer at Rubber Biscuit Studio in Nottingham on their first four albums. Parfrement left the music production to Andrew Fearn after the release of the 2012 album Wank, the first album to feature Fearn, but Parfrement continues to play an important role with the band as their photographer and media producer. [14] [15] Sleaford Mods, live in 2013; Fearn (left), Williamson (right)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. Around 2011, the IMF started issuing guidance suggesting that austerity could be harmful when applied without regard to an economy's underlying fundamentals. [56] According to a 2020 study, which used survey experiments in the UK, Portugal, Spain, Italy and Germany, voters strongly disapprove of austerity measures, in particular spending cuts. Voters disapprove of fiscal deficits but not as strongly as austerity. [105] A 2021 study found that incumbent European governments that implemented austerity measures in the Great Recession lost support in opinion polls. [106] According to economist Martin Wolf, the U.S. and many Eurozone countries experienced rapid increases in their budget deficits in the wake of the 2008 crisis as a result of significant private-sector retrenchment and ongoing capital account surpluses. as long as ∂ B ∂ G {\displaystyle {\frac {\partial B}{\partial G}}} is less than zero. Then we can find that a fiscal stimulus makes the long-term budget in surplus if the real government borrowing rate satisfies the following condition: [155] ( r − g ) ( 1 − μ τ ) < τ η μ {\displaystyle (r-g)(1-\mu \tau )<\tau \eta \mu } Impacts on short-run budget deficit [ edit ]

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. 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] Pattison, Louis (25 April 2014). "Sleaford Mods – 'Divide And Exit' ". NME . Retrieved 15 August 2015.Stanley, Carl (16 September 2014). "Don't Suffer The Bullshit: Here's Sleaford Mods". Sabotage Times . Retrieved 15 August 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] On 22 November 2023 they covered the Pet Shop Boys song ' West End Girls' with profits being donated to Shelter. [ citation needed] Musical style [ edit ] 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]

Strategies that involve short-term stimulus with longer-term austerity are not mutually exclusive. Steps can be taken in the present that will reduce future spending, such as "bending the curve" on pensions by reducing cost of living adjustments or raising the retirement age for younger members of the population, while at the same time creating short-term spending or tax cut programs to stimulate the economy to create jobs. [ citation needed] a b c Harrison, Ian (26 February 2014). "Sleaford Mods: Notts Duo Make Incensed English Rap Murk". Mojo magazine. Archived from the original on 26 April 2014 . Retrieved 23 September 2014. Eurostat reported that the overall debt-to-GDP ratio for the EA17 was 70.1% in 2008, 80.0% in 2009, 85.4% in 2010, 87.3% in 2011, and 90.6% in 2012. [42] [44] [45] 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! According to a 2020 study, austerity does not pay off in terms of reducing the default premium in situations of severe fiscal stress. Rather, austerity increases the default premium. However, in situations of low fiscal stress, austerity does reduce the default premium. The study also found that increases in government consumption had no substantial impact on the default premium. [39]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. Trendell, Andrew (17 January 2023). "Sleaford Mods talk new album 'UK Grim': "It might strike a chord with people at their wit's end" ". NME . Retrieved 17 January 2023. 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] O'Hagan, Sean (5 July 2015). "Sleaford Mods: 'The thing is, there really is no future for a lot of people out there' ". The Guardian.