How long can the bottom of the food chain handle austerity

kabayiri

Loughton_Monkey wrote: »

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Had they, in 2008, imposed an immediate freeze on all Social Security payments, State Pensions, and public sector pay.... we might be almost back in the black again.
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I understand what you say. To me a period of austerity involves a collective process whereby everyone shares in the pain of adjustment, and essentially living standards fall to a level the economy can sustain.

In essence we have had partial or mini austerities, targetting different sectors at different times. I'm not sure this will provide the resetting of expectations needed.