Austerity costs Spanish Socialists power

I hope that Democrats learn from what just happened in Spain. Spain’s ruling Socialist Party – which I presume didn’t rule for eight years because of their conservative policies – was just voted out of power after presiding over cruel austerity measures enacted to appease bond vigilantes and ensure that bankers who lost bets not actually lose any money. To put it differently, the liberal party enacted conservative technocratic policies and were punished for it. Unfortunately, as we have now in the US, the alternative offered by the new power-holders is…more austerity!

David Dayen notes that the reason the EU didn’t step in to oust the ruling Socialist government in Spain was because the other side would deliver what they wanted: A-ha, now I see why the EU didn’t step in. The party out of power favored austerity! And since things are so bad in Spain, with nearly 20% unemployment, the party out of power, just by virtue of not being the party in power, was assured of victory, the EU could just sit back and let nature take its course.

When it’s convenient, the EU actually will let democracy run its course!

Austerity doesn’t work. It’s not politically popular. And presiding over brutal cuts that inflict pain on regular people will lead to political punishment by voters. And yet, this is the pathway the power brokers of the Democratic Party are pursuing.

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