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.
We cannot continue on the path we’re on. The gap between the wealthiest Americans and everyone else is growing at an unconscionable rate. We can’t keep giving tax breaks to big corporations and the rich and expect the money to trickle down to the middle class.
If we want to turn around this country, we need to reframe the economic debate to focus on long-term growth and shared prosperity, what Professor Jacob Hacker of Yale University refers to as “prosperity economics.”
Read the rest on The Hill.