A Quote by Bill Gross
The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.
Related Quotes
First of all, I don't like to speak about austerity. I'd prefer to speak of fiscal discipline. Fiscal discipline, in the end, amounts to austerity if it is not accompanied by other policies.
The more we can do to address fiscal austerity, the better our markets will do, and there is a real political shift to doing that.
Instead of an end to austerity, Labour has made clear that it wants to impose more austerity cuts.
It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.
In Europe there's an dangerous growth of ultra xenophobia which is pretty threatening to any one who remembers the history of Europe... and an attack on the remnants of the welfare state. It's hard to interpret the austerity-in-the-midst-of-recession policy as anything other than attack on the social contract.
Even in a time of fiscal austerity, education is more than just an expense.
I think I would say that there is absolutely no way to reconcile an austerity agenda with climate action. Our political class needs to understand that the fight against austerity and the fight for climate action are the same fight.
With neoliberalism discredited and austerity failed, we need to rewrite the rules of the economy once again. But this time in the right way. We need rules that focus on long-term economic growth, and the only kind of sustainable prosperity is shared prosperity.
The earth doesn't belong to anyone. It is the land upon which all of us are to live for many years, ploughing, reaping and destroying. You are always a guest on this earth and have the austerity of a guest. Austerity is far deeper than owning only a few things. The very word austerity has been spoilt by the monks, by the sannyasis, by the hermits. Sitting on that high hill alone in the solitude of many things, many rocks and little animals and ants, that word has no meaning.
Austerity need not be Europe's fate.
We've got to make sure that we rebuild the infrastructure in America, because we used to be - have the best bridges, the best roads, the best airports. And now, when you go to China or you go to Europe, you see that they are outstripping us in terms of infrastructure. And if we put people back to work, that would be good not only in the short term, but it would also lay the foundation, the framework for long-term economic and job growth.
Europe's younger generation has only experienced austerity.
And what if we’d been utterly open? Made jokes about the first wife? What if we’d been that kind of family? Well, I would have been different, surely. But not because I knew the secret. For it wasn’t the secret—the secret that wasn’t a secret anyway—that led to the austerity in our lives. It was the austerity that led to the secret. And what I had been marked by, probably most of all, was the austerity. It had made secrets in my life too. Or silences, anyway, that became secrets. That became lies.
The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out across the board.
I think 'austerity' is a much abused word. I prefer to call it 'fiscal discipline' or financial, 'financial competency.'
The TUC's new slogan 'a future that works' sets a profound challenge. Austerity and rapid deficit reduction is failing in its own terms, but even at its best it is short-sighted, muddle-through politics with no vision of a new economic model.
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