Increasing Austerity Programs Will Extend QE

The trend towards smaller government, i.e. austerity programs, is not limited to the European Union. While the media may downplay similar problems in the US union, they have not gone unnoticed by capital. As goes austerity, so goes the size of quantitative easing needed to minimize its effects.

Headlines: Philly Plans To Lay Off Nearly 4,000 Teachers And School Workers

State budget cuts will force Philadelphia's schools to lay off 3,820 employees - including 12% of the district's teacher - to close a gaping budget shortfall next year, the Philadelphia Inquirer reports.

The Philadelphia School District - which has about 155,000 students - faces a $292 million loss in state aid next year, the result of Pennsylvania Gov. Tom Corbett's proposed $1.1 billion cut in the state's education budget.

Source: businessinsider.com