HIST 12B Lecture Notes - Lecture 9: Nancy Fraser, Finance Capitalism, Neoliberalism
Document Summary
Government expenditure & tax measures to provide basic needs for all. Money income supplements to support children and elderly. Money, vouchers or subsidies for low income families/individuals ties to basic needs. Provision of free of subsidized healthcare and education. Government investments toward creating a decent life for all. Citibank and other banks refused to roll over the debt; sought to push the city into bankruptcy in order to restructure the management of the city budget (austerity!) First used tax revenues to pay off bondholders and whatever left went ot essential city services )result: wage freezes, cutbacks in public employment, education, public health, transport services, etc. ) Imposes user fees (tuition was introduced into the cuny university system tem for the first time). Required municipal unions to invest their pension funds in city bonds. City appeals to federal government - president ford"s secretary of the treasury william. Simon said no, insisting the terms of the bail out be punitive .
