Austerity 101

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Treasury Secretary Jacob Lew moved up by two days to Nov. 3 the deadline by which Congress must raise the nation’s $18.1 trillion debt limit. But right-wing Republicans in Congress are threatening to default on the nation’s debt. They’re also committed to reducing the debt in the future, even if that means another government shutdown.

In this video, former Labor Secretary Robert Reich explains why "austerity economics" is bunk.

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