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Congress

The Neverending Shutdown.

“[W]ith recovery still perilously weak in 2010, the obvious response would have been a second dose of stimulus spending. But the political world was already moving in the opposite direction…In the end, for reasons both political and ideological, Obama decided that he needed to demonstrate that he took the deficit seriously, and in his 2010 State of the Union address he did just that…The Beltway establishment may have applauded Obama’s pivot to the deficit, but much of the economic community saw it as nothing short of a debacle.”

It’s the Austerity, Stupid: In Mother Jones, Kevin Drum surveys the rise of deficit hysteria in the Beltway over the past several years, with particular attention paid to the Reinhart-Rogoff debacle. “It’s not as if we needed the skills of Nostradamus to predict the consequences of austerity. It’s pretty much textbook economics.” (Rhino via here.)

“It was an awful time. Federal employees had to take unpaid furlough days. Beneficiaries were thrown off of federal programs. Courthouses had to be sold. Federal agencies like the FBI, the Food and Drug Administration, and the National Institutes of Health strained to meet commitments, leading to more crime, more outbreaks of disease and less basic research, among other horrors. This may sound like a description of the recent government shutdown, which ended October 16. But this describes the fallout from sequestration, the across-the-board cuts to discretionary spending that took effect March 1—arbitrary reductions that closely parallel the effects of the shutdown.”

Meanwhile, as David Dayen recently noted in The New Republic, the deficit witchhunt is continuing to wreak havoc across America, in the form of the sequestration budget. “Sequestration and artificial spending caps have become the new normal, and it’s redefining the role of government, rolling back the ambitions of the past, and constraining needed investments in the future. So let’s call it what it is: a government shutdown that’s infinitely worse than the one that just ended.”

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