You don’t hear much about this in the mainstream media, but here’s what’s happened in the American economy over the past 10 years:
I think that if a Democrat had been in office from 2001-2008 and then a Republican had been inaugurated in 2009, the narrative would be quite clear. But the fact is that nothing in ARRA was nearly generous enough to state and local governments to prevent what amounts to austerity budgeting when you look at the US government as a whole. And now the federal government is joining the austerity party that states and localities have been throwing all along.
Previous in TP Yglesias
By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.