5 chapters across the catalog
The 2013 federal budget sequestration is characterized as "austerity" measures designed to create public panic through media warnings of flight delays and job losses. The hosts argue that the sequester is merely a reduction in planned budget increases rather than actual cuts to current spending levels. They suggest the White House is exaggerating the impact to protect bureaucratic interests.
US Super Committee, Military Budget Increases
The congressional "Super Committee" faces a deadline to vote on deficit reduction measures, with automatic cuts looming if no agreement is reached. Despite talk of austerity, reports indicate the U.S. military budget is projected to exceed $600 billion for 2012. The hosts observe that the defense industry remains the primary source of economic growth in regions like Austin.
Protesters known as the "indignant" or Indignados completed a marathon march from Spain to Brussels to denounce EU-ordered austerity measures. Hundreds of demonstrators defied bans to set up camp in Elizabeth Park. The hosts contrast the commitment of these European marchers with American "weekend warrior" protesters.
EU Parliament Spending, Austerity Hypocrisy, Budget Rejections
Members of the European Parliament (MEPs) vote down three cost-cutting measures, including a proposal to fly economy class for short trips and a freeze on their own salary increases. This occurs while the EU imposes strict austerity measures on Greece, which is currently selling off national assets to pay back loans. The hosts characterize the MEPs as "elitist, undemocratic" figures who refuse to share the financial burden of the Eurozone crisis.
New York Times columnist David Brooks is identified as a promoter of the "New Normal" meme. His writing focuses on the necessity of long-term deficit cutting and the "austerity principle," which the hosts have previously predicted would be used to manage public expectations during economic decline.
