In the midst of a sputtering recovery, jittery financial markets, and high unemployment, deficit hawks continue pushing an agenda of deep spending cuts. This briefing examined questions about the economic effects of austerity measures already happening in Europe and at the state and local levels in the U.S., including:

• What lessons can the U.S. learn from years of spending cuts and public sector layoffs in the United Kingdom, Greece, Ireland and other European countries?
• How have the U.S. states that have cut the most spending fared during and after the Great Recession?
• Can Europe teach us how budget cuts during an economic slowdown can have dramatic economic and social consequences?
• What are the possible implications of this Greek crisis for global financial markets?

Speakers included (from right to left) Robin Harding, U.S. Economics Editor at the Financial Times; Adam Hersh, economist at the Center for American Progress; and Mark Weisbrot, co-director of the Center for Economic Policy and Research.

Mark Weisbrot’s presentation (.ppt)

Adam Hersh’s presentation (.ppt)

Other links:

7 Things You Need to Know About the National Debt, Deficits, and the Dollar

Statement on Gang of Six Plan

Press Release for “The Myth of Expansionary Fiscal Austerity”