Saying “no” to austerity, Europeans marched in cities around the continent Wednesday to demonstration government cutbacks in cultural systems and increased taxes meant to lift nations out of the European debt crisis. The large beef among European citizens is that they feel austerity punishes them for the billions that had to be spent to keep the financial system from collapsing. With demonstrations underway, a visiting United States of America Treasury official implored European governing bodies to be careful that austerity does not derail a fragile global economic recovery.
Austerity pulls a large group
In a day of austerity protests on Wednesday, hundreds of thousands of people marched across Europe. According to Reuters, trade unions were those who started the protests, and they say the poorest of citizens will be hurt one of the most through the austerity that will slow the economic recovery. Trade unions organized protests in 12 European capitals to demonstrate against spending cuts and pension and labor market reforms. In Brussels, Belgium, a crowd of about 60,000 gathered from across Europe, waving union flags and carrying banners saying “No to austerity” and “Priority to jobs and growth.”
Cultural products would be the target of austerity
The austerity protests in Brussels coincided with a proposal from the European Union Commission for new penalties that punish member states gripped by joblessness for running up deficits to fund cultural products. France is the country fighting hard and strong against the EU proposal that Germany wants mainly because it wants sanctions to choose things instead of hard cutting rules, reports the Huffington Post. Elsewhere in Europe, Greek doctors and railway employees walked out. Spanish workers made their statement too. Buses and trains were shut down. In Ireland, a man blocked the Irish parliament with a cement truck in protest of the country’s massive bank bailouts.
United States of America advises less austerity measures in Europe
European officials were told to slow down a bit during the demonstrations by a top United States Treasury official visiting Frankfurt. The Wall Street Journal reports that Americans and Europeans disagree about whether stimulus or austerity is the solution to a weak global recovery. The United States of America firmly believes that a stimulus will work the best. Europe disagrees making more and more spending cuts and increases in taxes. The weak global demand is best fixed with the support of the lasting recovery instead of austerity, claims Lael Brainard. Brainard is the United States Treasury Undersecretary for International Affairs.
Citations
Reuters
reuters.com/article/idUSLDE68S24620100929?type=marketsNews
Huffington Post
huffingtonpost.com/2010/09/29/spain-strikes-over-auster_n_743014.html#s146799
Wall Street Journal
online.wsj.com/article/SB10001424052748703431604575521833087264428.html?mod=googlenews_wsj
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