To understand the deepening mess we are in now, it's worth looking to the words of a Polish economist in 1944
This assault on an entire social contract is what Michał Kalecki warned about
The single best guide to what is happening in the world, namely, the shameless and cruel assault on wages, benefits, working conditions, pension, welfare and well-being of the working class, disabled and vulnerable in our societies and communities, was published in 1944 by the Polish economist, Michał Kalecki. In his time, Kalecki was recognised as having anticipated some of Keynes's most important ideas, years before the Master published his General Theory, and he exerted a big influence on such legendary Cambridge thinkers as Joan Robinson and Nicky Kaldor.His article, “Political Aspects of Full Employment”, explains with an almost eery prescience why via austerity the govenments around the world are attacking our wages, our working terms and conditions and our welfare state.
In shoert,"The argument for dealing with budget deficits has provided cover for attacking wages and benefits." And austerity is just code for the transfer of wealth and power into ever fewer hands.
Read more:
http://www.guardian.co.uk/commentisfree/2013/jan/14/deepening-mess-words-polish-economist