'In the worst of times, austerity is the worst possible choice,' said one Oxfam expert. 'It should not even be on the agenda.'
"In the worst of times, austerity is the worst possible choice," said one expert."It should not even be on the agenda."With countries across the globe facing major costs-of-living crises and looming recessions as prices remain high and central banks rush to slow economic demand, anpublished Wednesday estimates that 85% of the world population will be living under austerity measures by next year as tens of millions face hunger, homelessness, and health crises.
The work of a coalition of civil society organizations, the new report finds that"a long list of austerity measures is being considered or already implemented by governments worldwide," including budget cuts targeting key social programs, privatization of public services, and wage caps for teachers, healthcare workers, and others.
"This austerity recipe has been tried and failed many times, and only inflicted hardship and pain on populations all over the world." In all, the report shows that 143 countries—94 of which are developing nations—are pursuing austerity, often at the urging of the International Monetary Fund , which has"Despite the cost-of-living crisis, governments in developing countries, often with their hands tied by international financial institutions, are putting big corporations ahead of the people," said Matti Kohonen, director of the Financial Transparency Coalition.
The report observes that"targeting to the poorest populations for cost-saving purposes is discussed in 32 high-income and 88 developing countries." That list includes the United States, where Republicans are
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