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IMF warns US on ballooning fiscal burden
(www.ft.com)
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this post was submitted on 10 Jun 2024
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Soooo austerity soon?
I still think the US debt is meaningless. Don't see why they would need to do austerity regardless how big the debt is. If they do implement austerity, which they may at some point, it won't be because of the debt but because they have decided it is in their advantage to do so. Austerity is a means of disciplining the working class. It's for beating us into submission so we come begging to capital for scraps.
The US debt is meaningless so long as the USD remains the global reserve currency. With the current trends of dedollarization that may not last for much longer.
It may be a splitting of hairs as well, but I would argue that domestic US financial policy vis a vis US workers has been austere for fifty years. Expenditures on private industry only grow, while any and all services for the services for the people are ruthlessly cut.