Topic:
"The boom, not the slump, is the right time for austerity at the Treasury." So declared John Maynard Keynes in 1937, even as F.D.R. was about to prove him right by trying to balance the budget too soon, sending the United States economy - which had been steadily recovering up to that point - into a severe recession. Slashing government spending in a depressed economy depresses the economy further; austerity should wait until a strong recovery is well under way.
Part I - New York City
For several years ending in 1992, I worked at Seaton House in Toronto. Operated by the City of Toronto, the facility has a shelter section and a residence, for short- and long-term users.
"Yes we can!" With that slogan, Barak Obama excited the youth of America and got himself ensconced in the White House. Getting out of the recession was not quite that simple, and in the effort he poured money in at the top, to the bankers who were largely responsible for the mess in the first place, along with bail-outs for other corporate fat cats. His lack-luster performance earned him a 2010 Republican Congress.
The New Year is of course the time when people often make resolutions and changes to their lives that they hope will lead to better things. It is also a time people look back to identify key events of the last twelve months. In Canada, three appear as key: the election of a Conservative majority government with most voters voting against it, the Quebec NDP breakthrough, and the Occupation.
This is Egypt 2012, one year into the revolution. International media was here a year ago and are still coming. Free elections for a new parliament are almost complete and were almost ideal. But Western media has put a negative spin on the results, promoting fear of the Muslim Brotherhood getting a majority while ignoring very important facts.
Part I - Congress Attacks the Constitution
As U.S. forces pull out of Iraq, residents and officials in Falluja say they leave behind bullet-riddled homes, destroyed infrastructure and a worrying increase in birth defects and maladies in a city polluted by weapons and war chemicals.
The fragile political power-sharing arrangement imposed by US forces during the Iraqi occupation is at a renewed risk of collapse.
"Most people don't understand what they have been part of here," said Command Sgt. Major Ron Kelley as he and other American troops prepared to leave Iraq in mid-December. "We have done a great thing as a nation. We freed a people and gave their country back to them."
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