Italian minister breaks down in tears over austerity budget
Italy’s government has come forward with an aggressive 30 billion euro austerity package to prevent the country’s bankruptcy and pave the way for the fiscal integration that German Chancellor Angela Merkel is pushing as the key to solving the European debt crisis. In the video below, Elsa Fornero, the Italian welfare minister, broke down in explaining the provisions to increase the pension age to 66. The package also increases taxes on housing, luxury items and via a 23 percent VAT, a measure Ireland is also taking. Approval is expected before Christmas.
Source: Italian minister in tears over austerity plans – video – Guardian
Is it me, or is all this forced “austerity” in the immediate term only going to beget an even larger unemployment? Has Germany, France, and Italy forgotten what happens politically when austerity measures are overly severe? I distinctly remember a ripe environment for extremist ideology such as the rise of Fascism.
It might not be a fascist government that replaces them. With the inequality in wealth and incomes still rising everywhere, it is just as likely to be some more redistributive government that rises to power.
To quote Gordon Geko:
-Don’t run when you lose.
-Don’t whine when it hurts
-Nobody likes a cry baby.
No wonder she started crying. Scrapping the indexation of pensions will destroy the pension system for the majority. If people live longer they will simply not have enough to live on.
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