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 ] a b c Harrison, Ian (26 February 2014). "Sleaford Mods: Notts Duo Make Incensed English Rap Murk". Mojo magazine. Archived from the original on 26 April 2014 . Retrieved 23 September 2014.

By definition, a government budget deficit must exist so all three net to zero: for example, the U.S. government budget deficit in 2011 was approximately 10% of GDP (8.6% of GDP of which was federal), offsetting a foreign financial surplus of 4% of GDP and a private-sector surplus of 6% of GDP. [31] Around 2011, the IMF started issuing guidance suggesting that austerity could be harmful when applied without regard to an economy's underlying fundamentals. [56]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]

With the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011 [43] Indicating despite declining budget deficits GDP growth was not sufficient to support a decline in the debt-to-GDP ratio for these countries during this period.

Companies, etc.

Deadly Beefburger Records, A52 Sounds, Harbinger Sound, Ipecac, Invada, Little Teddy Recordings, Rough Trade Records The term "age of austerity" was popularised by UK Conservative Party leader David Cameron in his keynote speech to the Conservative Party forum in Cheltenham on 26 April 2009, in which he committed to end years of what he called "excessive government spending". [113] [114] Theresa May claimed that "Austerity is over" as of 3 October 2018, [115] a statement which was almost immediately met with criticism on the reality of its central claim, particularly in relation to the high possibility of a substantial economic downturn due to Brexit. [116] Word of the year [ edit ]

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] 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. By definition, the sum of the surpluses or deficits across these three sectors must be zero. In the U.S. and many Eurozone countries other than Germany, a foreign financial surplus exists because capital is imported (net) to fund the trade deficit. Further, there is a private-sector financial surplus because household savings exceed business investment. a b Ellis, Amelia (9 September 2014). " "I swear too much but I can't help it" – the Sleaford Mods interview". Nottingham Post. Archived from the original on 29 September 2014.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! The IMF reported that this was due to fiscal multipliers that were considerably larger than expected: for example, the IMF estimated that fiscal multipliers based on data from 28 countries ranged between 0.9 and 1.7. In other words, a 1% GDP fiscal consolidation (i.e., austerity) would reduce GDP between 0.9% and 1.7%, thus inflicting far more economic damage than the 0.5 previously estimated in IMF forecasts. [25] See also: Paradox of thrift Austerity can result in a paradox of thrift. [93] [94] Austerity protest in Athens, 2011 Sleaford Mods: "I apologise for making fun of NME in our song" ". Nme.com. 18 May 2020 . Retrieved 7 December 2021. Latvia's economy returned to growth in 2011 and 2012, outpacing the 27 nations in the EU, while implementing significant austerity measures. Advocates of austerity argue that Latvia represents an empirical example of the benefits of austerity, while critics argue that austerity created unnecessary hardship with the output in 2013 still below the pre-crisis level. [70] [71] While Anders Åslund maintains [72] that internal devaluation was not opposed by the Latvian public, Jokubas Salyga has recently chronicled [73] widespread protests against austerity in the country.