300 Economists: Don't Kill Growth And Jobs In The Name Of Deficit Reduction

Discussion in 'Economy' started by Bfgrn, Sep 16, 2010.

  1. Bfgrn
    Offline

    Bfgrn Gold Member

    Joined:
    Apr 4, 2009
    Messages:
    16,829
    Thanks Received:
    2,480
    Trophy Points:
    245
    Ratings:
    +3,060
    Mere parsimony (frugality, stinginess) is not economy. Expense, and great expense, may be an essential part in true economy.
    Edmund Burke

    300 Economists Warn Congress: Don't Kill Growth And Jobs In The Name Of Deficit Reduction

    A small army of economists warned Congress on Thursday not to focus on deficit reduction instead of job creation or else risk a 1937-style double-dip recession.

    "History suggests that a tenuous recovery is no time to practice austerity," says a statement signed by more than 300 economists and policy experts. "In the Great Depression, Franklin Roosevelt's New Deal generated growth and reduced the unemployment rate from 25 percent in 1932 to less than 10 percent in 1937. However, the deficit hawks of that era persuaded President Roosevelt to reverse course prematurely and move toward budget balance. The result was a severe recession that caused the economy to contract sharply and sent the unemployment rate soaring."

    Democrats in Congress have had 1937 in mind since March 2009. "We're not going to let it happen again," vowed House Speaker Nancy Pelosi (D-Calif.) at the time.

    Nevertheless, deficit hawks dominated the debate in Congress this summer as Democratic leaders struggled to reauthorize a series of programs created by the 2009 stimulus bill. Pelosi and her counterparts in the Senate have had seemingly little choice other than to sacrifice things like COBRA health insurance subsidies and enhanced unemployment benefits to win the support of deficit-hawkish Democrats and moderate Republicans.

    "This is about a high road to recovery versus a low road to fiscal balance," said Bob Kuttner of the American Prospect and co-author of the statement, along with the Center for Economic and Policy Research's Dean Baker and the Robert Borosage and Roger Hickey from the Institute for America's Future. "The proper sequencing is: You get the recovery first, that requires increased public investment. And then the road to fiscal balance is much less arduous because people are working, businesses are investing, and tax revenues go up because you're back in recovery.

    "There is also a low road to fiscal balance, where you have austerity and you get the budget balanced at the cost of whacking the real economy."

    Click HERE to download a PDF of the report.
     
    Last edited: Sep 16, 2010
  2. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    HRPuffinstuffPo...'nuf said.

    BTW...300 is barely a small battalion, let alone an army. :lol:
     
  3. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,310
    Thanks Received:
    677
    Trophy Points:
    175
    Ratings:
    +1,623
    The situation will get nasty after either Japan or the PIIGS implode and trigger the other's implosion.
     
  4. johnrocks
    Offline

    johnrocks Silver Member

    Joined:
    Feb 18, 2009
    Messages:
    1,919
    Thanks Received:
    279
    Trophy Points:
    98
    Location:
    West Monroe, La.
    Ratings:
    +279
    I probably could go to the former USSR and find 6000 economists to endorse what these 300 are saying, maybe a few hundred in Cuba as well. $smiley_with_thumbs_up.gif
     
  5. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    ^^^^^
    I've peer reviewed this post and find it 100% accurate.
     
  6. Bfgrn
    Offline

    Bfgrn Gold Member

    Joined:
    Apr 4, 2009
    Messages:
    16,829
    Thanks Received:
    2,480
    Trophy Points:
    245
    Ratings:
    +3,060
    Then GO pea brain...see 'ya
     
  7. johnrocks
    Offline

    johnrocks Silver Member

    Joined:
    Feb 18, 2009
    Messages:
    1,919
    Thanks Received:
    279
    Trophy Points:
    98
    Location:
    West Monroe, La.
    Ratings:
    +279
    Why, your hell bent on bringing that style government here it seems, I want to stick around and see the crow eating. :cool:
     
  8. 2Parties
    Offline

    2Parties Senior Member

    Joined:
    Nov 27, 2009
    Messages:
    1,048
    Thanks Received:
    123
    Trophy Points:
    48
    Location:
    Tennis Sea
    Ratings:
    +123
    Just freaking pass a quadrillion dollar stimulus bill.
     
    • Thank You! Thank You! x 1
  9. Bfgrn
    Offline

    Bfgrn Gold Member

    Joined:
    Apr 4, 2009
    Messages:
    16,829
    Thanks Received:
    2,480
    Trophy Points:
    245
    Ratings:
    +3,060
    Huffington Post reported NEWS, it is not an op/ed piece...'nuf said.

    Hey Dude/Oddball. Why the name change, did the butler forget your password? Should I combine your two screen names and call you Dudball or Odddud?
     
  10. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    All of HRpuffinstuffPo is opinion, dickweed.

    Those wackaloons could find 300 crazy cat ladies who claim that their jobs were "saved" by Boyking, and they'd run with it as though it was the Sermon on the Mount. :lol::lol::lol:
     

Share This Page