Allied with Trump, Elon Musk eyes radical cuts to US gov’t spending (www.aljazeera.com)

submitted 2 months ago* (last edited 2 months ago) by FuckyWucky@hexbear.net to c/chapotraphouse@hexbear.net

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Deifict hawking in the US in 2024? Sounds great for global capitalism. US is THE consooming engine.

Atleast Argentina is a smaller country. Atleast Russia was disconnected from rest of the capitalist world pre 1990s.

And it's by no means "radical". Bill Clinton the neoliberal establishment guy ran budget surpluses in the 1990s, sucked money away from the (mainly poor) people and increased household debt.

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[-] FuckyWucky@hexbear.net 10 points 2 months ago* (last edited 2 months ago)

'rapid recovery', the economy will be cut in half and stagnate there for decades. it'll be Greece but worse. I don't think it'll be very good for China and other exporting countries either at least in short term but they'll recover if they also don't do the same austerity.

[-] vovchik_ilich@hexbear.net 5 points 2 months ago

The EU, in GDP per capita terms, barely recovered from 2008 and the latter austerity policy. In purchase power terms, it's sunken below what it used to be before 2008, even with China's growing industry and cheaper exports driving down the prices of many consumer goods.