When has austerity ever worked?
It's working exactly as it is designed to. Funneling money from the poor to the rich.
Austerity is never advised in a situation where ANYTHING is going to work. It's the equivalent of trying to tighten your budget when you lose your job. It could possibly help a little but it's not going to fix it.
That was after the Argentine Peso lost 20% of it's value in a single day to appease the IMF (according to the official exchange rate). Unless wages increase by more than 20%, then they're not really increasing, just keeping up with inflation.
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