austerity vs investment

Much of the current investment market volatility is being driven by […] %���� stream
26 0 obj stream The Great Recession that began in December 2007 and lasted till June 2009 was the time when the dilemma between choosing the Fiscal stimulus or Austerity policies was at its peak. endobj <> <> stream �k��A����u!��u���"���������+9%zX'�kv�].��^��r�:���Lf�B��e���I������ާ��v�¼�K��\�1�����`�z��S�^l~�a6[y�vM�}���J���\��HT*�k&��.��!�/�v�?�B��cv�,

3 0 obj 24 0 obj <> 20 0 obj endobj But some studies suggest that the relationship between austerity and economic activity is nonlinear and depend on many outside factors, which … endobj The recent suggestion by the IMF director general Christine Lagarde (salary $470,000 per year and no tax) that austerity has worked, by citing the likes of Latvia and Estonia, is so much bunkum. <> In order to approve the FY 2021 budget at their July 16th meeting, the UM Regents must demand that President Schlissel: Fund the policies proposed by the 1U campaign for the students of UM-Flint and UM-Dearborn as outlined in the Leaders and Best Without Exception Report. The loss of wealth during the time led to huge cutbacks in consumer spending. endobj President Schlissel and the UM Regents continue to refuse to invest enough in Flint and Dearborn. endobj Austerity - skidding cars don't turn well. <> These securities were bought by commercial banks and norma… 13 0 obj 16 0 obj UM continues to reject the One University Campaign’s proposal to invest $10 million per year each in student resources on the Flint and Dearborn campuses including the Go Blue Guarantee, student scholarships, DEI funding, medical and legal resources, and more. That is, austerity measures lead to depressed consumption and economic output. x���WW������1��א�$��13��LN��̙�r�F6#%����A HD\ Y� n�"�e$��&KC��4�s�b��˰�S]�ު�y��x觾���[U�n��aaaaɲ�s��&A����h�!څ��Bȁv!�@�r�]9�.�hB�!څ��Bȁv!�@�r�]9�.�hB�!څ����!/�ݸ2����kb�g�D�^�-�}����������ky�V%�5.� rK�I*�s�AK]WwG�Z���c3�Ϫ(�mK Log in. EMU Professor Howard Bunsis, an expert on university finances, finds that in the worst case scenario UM will lose up to $690 million, a small amount compared to the size of U-M’s unrestricted reserves: Because The University of Michigan has access to $6.7 billion in unrestricted reserves it should use this to invest in students, employees and the community rather than continuing to cut resources for those most in need. 1400 Michigan Medicine lays off and freezes raises for all UM non-union workers (some 30,000 employees), without regard to the income of those employees.

4 0 obj Reinforces harm done disproportionately to working families and people of color by the COVID health and economic crises. endobj 1 0 obj Long-term trends Median real incomes stagnant or falling –Forecast to fall 7% this year <> endstream → UM leaders have embraced austerity rather than using the resources available to them to make smart and equitable investments in our students, faculty, employees, and our campus communities. endobj endobj While most economic theories somehow ignore that fact, Keynesian economics uses the exact same argument to promote deficit spending. UM-Dearborn Chancellor demands departments cut budgets, further reducing resources for faculty, staff, and students on a campus also already suffering under severe austerity measures. ���k�n��������x)��{^�1Y���Z�)m됻�jY���4��_��c0�gg���C��K@�䲫q��z�T���Y�����H��CD���o� 12 0 obj 17 0 obj

Austerity is defined as a set of economic policies a government undertakes to control public sector debt. → Dollars taken from the endowment and spent now can yield future returns, especially if those are used to offer more Michigan residents a UM education by improving program quality and student support structures in Flint and Dearborn, that is an investment with many pay-offs, including: Increased incomes that Michiganders earn because they get higher paying jobs, More graduates staying to work in Michigan and investing in our state economy, Reduced economic and social inequalities throughout the southeast Michigan region and beyond, Increased intellectual capacity for critical engagement with the challenges of our times and building for a sustainable and equitable future.
This is an edited version of a longer statement made by UM’s All Campus Labor Council, June 19th, 2020. <> <> This reduces the amount of borrowing required and may also demonstrate a government'… /Pattern cs /P25 scn endobj 11 0 obj <> x�+��*�@02����L�Ĵ4Q�5�3251W�5�3402SH������MLO5�Pp�W�h �5R

<> These mortgages were pooled together into securities, this meant that the risk was spread out. endobj <> endobj 8 0 obj Last five UK recessions . endobj <>

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