Are you willing to 6 dollars for a gallon of gas!

[Jimaz]

It's not the social programs that are collapsing the Eurozone, but in fact the "austerity", or decrease of government spending in the face of recession....

Wait, wait. Now they're claiming that decreasing government spending is socialism?! No wonder I can't keep up. Their story changes by the millisecond.

Okay, okay, I think I'm getting it now. If a radical right-wing austerity offensive fails, it's because "austerity is socialism." Because "anything that fails is defacto socialism."

In fact, until it fails, "as long as it's harming the impoverished, it's a successful right-wing program." But the moment it fails it becomes "socialism"!

Good Lord, what a hopelessly infantile ideological tap dance!

[rb336]

funny how the countries that are NOT implementing austerity measures are the most socialistic - the Benelux and Scandinavian countries

[oladub]

It's not the social programs that are collapsing the Eurozone, but in fact the "austerity", or decrease of government spending in the face of recession. In other words, Germany is forcing the same measures on the Eurozone that the Republicans want to use here. Except I don't know that any of the affected European nations have enacted Magic Tax Cuts.

Ireland, which the GOP held as a model of fiscal responsibility not too long ago, is entering a double-dip recession thanks to its austerity measures.

The austerity is a response to too much government spending. Think of it this way, if the cookie jar is empty, there are no more cookies to distribute. In our case, we are $16T in debt. We can still print money and the game can go on a little linger like it did in the Weimar Republic or Zimbabwe. Ultimately though, adding zeros on currency makes things worse at least for our children if the game can be stretched out that long. You forgot to include this part of my previous post, "That's one of the great things about Obama. He shifts the costs of his magical dirt cheap programs to our children so we don't have to pay for them in our life times. Good luck kids!" No more cookies, no more generous but unaffordable government benefits...sigh...sometimes adults have to take a turn at running things.

[oladub]

funny how the countries that are NOT implementing austerity measures are the most socialistic - the Benelux and Scandinavian countries

Wrong. Keep believing. Forward.

Netherlands: $13B of austerity cuts planned
http://www.irishtimes.com/newspaper/...315591002.html

Belgium: deepens austerity cuts
http://www.advisorone.com/2012/03/12...austerity-cuts

Sweden: austerity, tax cuts and economic freedom reforms
http://prudentinvestornewsletters.bl...-tax-cuts.html

Denmark: The government austerity plan seeks €3.2 billion cuts in budget “consolidation.”
http://www.europeaninstitute.org/Apr...dated-421.html

Finland: announces plans for $3.6B in austerity cuts, will cut teachers' pay
http://www.financialinfo.co/the-finn...rity-plan.html

Norway: has oil for export. No problemo.

[ghettopalmetto]

The austerity is a response to too much government spending. Think of it this way, if the cookie jar is empty, there are no more cookies to distribute. In our case, we are $16T in debt. We can still print money and the game can go on a little linger like it did in the Weimar Republic or Zimbabwe. Ultimately though, adding zeros on currency makes things worse at least for our children if the game can be stretched out that long. You forgot to include this part of my previous post, "That's one of the great things about Obama. He shifts the costs of his magical dirt cheap programs to our children so we don't have to pay for them in our life times. Good luck kids!" No more cookies, no more generous but unaffordable government benefits...sigh...sometimes adults have to take a turn at running things.

"Too much" government spending? Based on what objective criterium? The one you made up in your head?

You show me where the inflation is, and I'll consider that you might have the slightest inkling about what you rant. You don't have the slightest bit of knowledge about monetary policy, considering that you ALWAYS [[and YET AGAIN!) confuse it with fiscal policy.

You might be better off taking your rant to people who are uneducated and emotional. I'm sure they'll be a lot more receptive to your made-up arbitrary bullshit talking points.

[oladub]

GP says, ""Too much" government spending? Based on what objective criterium? The one you made up in your head?"

The OBJECTIVE CRITERIUM is numbers. "Too much" as in annual trillion dollar defiicits or a $16T national debt.

You show me where the inflation is, and I'll consider that you might have the slightest inkling about what you rant. You don't have the slightest bit of knowledge about monetary policy, considering that you ALWAYS [[and YET AGAIN!) confuse it with fiscal policy.

Inflation is found at the gas pump, commodities, health insurance premiums, taxes, grocery store although that is offset by the still collapsing housing market bubble and Clinton era manipulation of the factors included in the CPI.

You might be better off taking your rant to people who are uneducated and emotional. I'm sure they'll be a lot more receptive to your made-up arbitrary bullshit talking points.

Your last paragraph is name calling; a lower form of discussion. Please use numbers to substantiate your assertion that only uneducated and emotional people respond to reality.

[rb336]

let's take a look at what euro institute REALLY says:

Belgium: Stalemate in domestic politics has paralyzed action [[and even debate) on austerity measures, but when a new government is formed, it will find proposals on the table for new taxes: on pensions, on CO2 emissions, a “crisis tax” on banks – plus a proposal to bar increases in health-care spending.
[[and from your Belgium link) Some of the cost-cutting measures Belgium will impose, on top of the 11.3 billion euro package of measures it agreed to when the current administration took office at the end of 2011, include a 650 million euro freeze on spending that will require postponement of an army helicopter delivery; the promotion of generic medicines; and a cut to aid. It will also boost taxes on tobacco and investment products.These measures are in addition to an already-planned increase in the retirement age from its present average of 59 and a tax increase on company cars. Belgium intends to balance its public sector budget by 2015.

Denmark: The government austerity plan seeks €3.2 billion cuts in budget “consolidation.” Unemployment benefits are being cut back to two years [[from four); the public sector will lose 20,000 jobs; child benefits are reduced by five percent and ministerial salaries cut by five per cent.

Finland: Nearly 5,000 government jobs will be eliminated by 2014; the government is seeking to raise the retirement age from 63 to 65; an energy tax will generate €750 million; excise taxes on sweets and soft drinks will raise an extra €100 million per year; VAT rates are to be raised by one percent [[to 23 percent).

Luxembourg: Government spending will be reduced by €370 million in 2011, and €407 million in 2012, including cuts in transportation and education spending; government subsidies to companies will be cut by 10 percent.

Netherlands: There has been a proposal to cut the budget by €18 billion by 2015, but no decision has been reached as of yet.

Sweden: No exceptional austerity measures are foreseen.

compare these actions to the draconian measures taken in Greece and proposed for Iberia. These are piddling, small measures that do not fit the term austerity​, which, by definition, means severe

[oladub]

rb, You previously posted that, " funny how the countries that are NOT implementing austerity measures are the most socialistic - the Benelux and Scandinavian countries". Your capitalization, not mine. Now you are saying, "These are piddling, small measures that do not fit the term austerity​, which, by [[rb's new) definition, means severe." I'll agree that these are more severe as those countries fouled their own economic nests. So why don't they just leave the Euro zone if those meanie Germans are expecting them to observe rules? Spain and Greece can print their own money if they don't want to tighten their belts.

[rb336]

"These are piddling, small measures that do not fit the term austerity​, which, by [[rb's new) definition, means severe."

not mine, dictionary.com

aus·ter·i·ty

   [aw-ster-i-tee] Show IPA
noun, plural aus·ter·i·ties.1.austere quality; severity of manner, life, etc.; sternness.

2.Usually, austerities. ascetic practices: austerities ofmonastery life.

3.strict economy.





or, if you prefer, M-W:

Definition of AUSTERITY

1
: the quality or state of being austere [[a : stern and cold in appearance or manner b : somber, grave <an austere critic>

2
a : an austere act, manner, or attitudeb : an ascetic practice

3
: enforced or extreme economy

any way you cut it, the measures implemented by the countries I mentioned are not austerity

[oladub]

rb, "any way you cut it, the measures implemented by the countries I mentioned are not austerity"

"Austerity" was the word used by the articles posted in post #154. The larger point is that Greece, Italy, Spain, Portugal, Ireland, and perhaps other European countries can no longer afford all the social programs. Spain has something like 24% unemployment. Greece is encouraging Greeks to emigrate for employment. Germany is probably still trying to rehabilitate E. Germany from its 40 year experiment with socialism. The Fed secretly gave trillions to European banks but nothing is working.

[rb336]

"Austerity" was the word used by the articles posted in post #154. The larger point is that Greece, Italy, Spain, Portugal, Ireland, and perhaps other European countries can no longer afford all the social programs. Spain has something like 24% unemployment. Greece is encouraging Greeks to emigrate for employment. Germany is probably still trying to rehabilitate E. Germany from its 40 year experiment with socialism. The Fed secretly gave trillions to European banks but nothing is working.

Trillions? really? and it's interesting that you made my point for me regarding the difference between the northern European economies and the Mediterranean and Irish economies. In Greece, Spain, Portugal the austerity problems have not aided the economies, they sent them into tailspins. spain's unemployment rate went to 24% after​ the introduction of austerity measures.

[oladub]

Trillions. Really. $1.2T+ - $3T

""Wall Street Aristocracy Got $1.2 Trillion in Loans from Fed."
The amount cited in the headline is somewhat misleading, as it refers only to the highest single-day amount of outstanding Fed loans under seven emergency programs the US central bank launched to cover the bad debts of the Wall Street elite. The $1.2 trillion figure is undoubtedly lower than the total amount in loans disbursed over the course of the programs' existence, including loans to banks that came to the Fed for money multiple times."
http://wsws.org/articles/2011/aug2011/pers-a23.shtml

A partial audit of the Federal Reserve has revealed that it has given $16 trillion to banks between December 1, 2007 and July 21, 2010 and that these loans have been kept secret. Included are $3 trillion, which were given to banks in Europe and Asia.
http://in-other-news.com/2011/Fed-secretly-gave-16-trillion-to-banks

What was Spain before the austerity measures, 18%? Where did Spain expect to get the money to maintain the status quo? We're back to the empty cookie jar.

[rb336]

I knew it was a lot, but not that much

[coracle]

Interesting comparison of how much profit Exxon makes on a gallon of gas compared to total local, State and Federal taxes per gallon.
Gasoline Taxes Vs. Exxon Profit, Per Gallon

[firstandten]

Interesting comparison of how much profit Exxon makes on a gallon of gas compared to total local, State and Federal taxes per gallon.
Gasoline Taxes Vs. Exxon Profit, Per Gallon

A more comprehensive view of oil company profits than the one the oil industry lobbyist are pushing

http://switchboard.nrdc.org/blogs/sm...o_make_on.html

[rb336]

where's that $6/gallon everyone was predicting?

[Jimaz]

where's that $6/gallon everyone was predicting?

I don't know but check out this graph. It shows that gas prices have not been dropping as fast as crude prices for quite a while. This is an unusual phenomenon. I'd guess that means gas should get even cheaper in the near future despite the traditionally high-priced "summer driving season."

[Papasito]

where's that $6/gallon everyone was predicting?

election first, price hikes later.

[rb336]

saw the first sub-3.40/gallon today

[coracle]

election first, price hikes later.

True. We are being conned by Democrats/Liberals/Greens [[all the same) who want $6 to 10$ gas by adding taxes like Europeans so they can collect a lot of money to redistribute to their stay at home dependents, employees and themselves. They are on expenses of course so they won't be affected. But first things first - they have to get elected first.
If BO is re-elected don't ever expect to see $3/$4 gas again except in your rear mirror, and Bush's $1.83 will be an historical blip never to be referred to again because it doesn't fit the leftie's template.