This is an excerpt of The Hill's, " Austerity Economics is Bad Policy and Politics ," by AFL-CIO President Richard Trumka.
Not only is austerity bad politics – even Mitt Romney and Paul Ryan had to distance themselves from it – but it’s disastrous economic policy. Austerity economics is responsible for the country’s growing inequality, rising deficits and unemployment. Austerity economics means the wealthy remain unscathed while the people who rely on programs like Medicare, Medicaid and Social Security – the elderly, the disabled, the poor and the young – will get less and pay more. And let’s not forget the impact this will have on future generations.