Austerity Dogs

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According to the CIA World Factbook, Greece decreased its budget deficit from 10.4% of GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also decreased their budget deficits from 2010 to 2011 relative to GDP [42] [43] but the austerity policy of the Eurozone achieves not only the reduction of budget deficits. The goal of economic consolidation influences the future development of the European social model.

On 10 December 2014, Williamson published the lyrics collection [16] Grammar Wanker: Sleaford Mods 2007-2014, [17] followed by Jason Williamson's House Party: Sleaford Mods 2014-2019 [18] in 2019. Sklinar Green, Kimberley-Marie (6 August 2015). "Leftfield and Sleaford Mods share new video for 'Head And Shoulders' ". Never Enough Notes . Retrieved 6 August 2015.In October 2012, the IMF announced that its forecasts for countries that implemented austerity programs have been consistently overoptimistic, suggesting that tax hikes and spending cuts have been doing more damage than expected and that countries that implemented fiscal stimulus, such as Germany and Austria, did better than expected. [24] These data have been scrutinized by the Financial Times, which found no significant trends when outliers like Germany and Greece were excluded. Determining the multipliers used in the research to achieve the results found by the IMF was also described as an "exercise in futility" by Professor Carlos Vegh of the University of Michigan. [101] Moreover, Barry Eichengreen of the University of California, Berkeley and Kevin H. O'Rourke of Oxford University write that the IMF's new estimate of the extent to which austerity restricts growth was much lower than historical data suggest. [102] Sleaford Mods are an English post-punk music duo, formed in 2007 in Nottingham. The band features vocalist Jason Williamson and, since 2012, musician Andrew Fearn. [7] They are known for their abrasive, minimalist musical style and embittered explorations of austerity-era Britain, culture, and working class life, delivered in Williamson's East Midlands accent. [1] The duo have released several albums to critical praise. [2] [8] [9] History [ edit ] Jason Williamson, Sleaford Mods, Glastonbury Festival, 2019 O'Hagan, Sean (5 July 2015). "Sleaford Mods: 'The thing is, there really is no future for a lot of people out there' ". The Guardian. According to a 2020 study, austerity does not pay off in terms of reducing the default premium in situations of severe fiscal stress. Rather, austerity increases the default premium. However, in situations of low fiscal stress, austerity does reduce the default premium. The study also found that increases in government consumption had no substantial impact on the default premium. [39]

In many situations, austerity programs are implemented by countries that were previously under dictatorial regimes, leading to criticism that citizens are forced to repay the debts of their oppressors. [95] [96] [97] One reason why austerity can be counterproductive in a downturn is due to a significant private-sector financial surplus, in which consumer savings is not fully invested by businesses. In a healthy economy, private-sector savings placed into the banking system by consumers are borrowed and invested by companies. However, if consumers have increased their savings but companies are not investing the money, a surplus develops. The band featured in two documentary films, Sleaford Mods: Invisible Britain, released in 2015 and Bunch of Kunst. A Film About Sleaford Mods, released in 2017. [ citation needed]According to a 2020 study, austerity increases the risk of default in situations of severe fiscal stress, but reduces the risk of default in situations of low fiscal stress. [39] Europe [ edit ] Public Debt to GDP Ratio for Selected European Countries – 2008 to 2012. Source Data: Eurostat Y ∂ G > γ = 1 + τ s + θ σ − 1 ψ τ i + τ s + θ {\displaystyle {\frac {\partial Y}{\partial G}}>\gamma ={\frac {1+\tau _{s}+\theta \sigma In October 2012, the IMF announced that its forecasts for countries that implemented austerity programs have been consistently overoptimistic, suggesting that tax hikes and spending cuts have been doing more damage than expected and that countries that implemented fiscal stimulus, such as Germany and Austria, did better than expected. [24] It's in the lyrics – and their delivery – that this album really stands out, though. In her book Revolting Subjects, the sociologist Imogen Tyler shows how tabloid hate figures (the poor, immigrants, Roma, single mums, etc) aren't simply 'abject' but are produced as such: forced to live in squalor and then, as that squalor takes effect, demonised by the press and bourgeois small-mindedness/self-interest. Sleaford Mods know this too: on 'Urine Mate', frontman Jason Williamson tells us about seeing one of Nottingham's better known alcoholics putting his bin out and "stinking of urine", whilst people from Mapperley Park (a fairly salubrious area) "point and laugh". Then, on 'My Jampandy', he tells how "cuts make people stink", whilst 'Fizzy' speaks of "work[ing] my dreams off for two bits of ravioli and a warm bottle of Smirnoff under a manager that doesn't have a clue."

New Sleaford Mods album 'Key Markets' announced – Stream "No One's Bothered" NOW!". LouderThanWar.com. 7 May 2015 . Retrieved 7 May 2015. In 2009, 2010, and 2011, workers and students in Greece and other European countries demonstrated against cuts to pensions, public services, and education spending as a result of government austerity measures. [98] [99] Across an economy, one person's spending is another person's income. In other words, if everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. In the past this has been offset by encouraging consumerism to rely on debt, but after the 2008 crisis, this is looking like a less and less viable option for sustainable economics. If you dig the cynical, parochial, outsider attitude of acts as diverse asMC Pitman,The Fall,John Cooper Clark,Half Man Half Biscuit, et al then you'll recognise the unapologetic, uncompromising mettle present here. Like the aforementioned acts,Sleaford Modshave got a fabulous grasp of the mechanics of penning a raw, manic pop tune. Yes: this is somehow an incredibly catchy album under the grit and spit. The lyrics are often unpleasant, but in the same strike come over as blatantly ironic, observational prose. This isn't sour provocation. It's downright toxic genius! According to the CIA World Fact Book, "Latvia's economy experienced GDP growth of more than 10% per year during 2006–07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011–12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures.

The big working-class offensive had been successfully stalled off; and British capitalism, though threatened with economic adversity, felt itself once more safely in the saddle and well able to cope, both industrially and politically, with any attempt that might still be made from the labour side to unseat it." [154] DeLong–Summers condition [ edit ] Changes in budget balances (deficits or surpluses) explained approximately 53% of the change in GDP, according to the equation derived from the IMF data used in his analysis. [49] Williamson was born 10 November 1970, and raised in Grantham, Lincolnshire. [7] Inspired by the mod subculture and musical sources like the Wu-Tang Clan, he spent several years pursuing music unsuccessfully, both with various groups and as a solo singer-songwriter. He had also worked as a session musician with local artists as well as Spiritualized and Bent. [10] [11] Fearn (born 1971 in Burton upon Trent) grew up on a farm in Saxilby, Lincolnshire. [7] [12] According to a 2020 study, which used survey experiments in the UK, Portugal, Spain, Italy and Germany, voters strongly disapprove of austerity measures, in particular spending cuts. Voters disapprove of fiscal deficits but not as strongly as austerity. [105] A 2021 study found that incumbent European governments that implemented austerity measures in the Great Recession lost support in opinion polls. [106]