This chart compares job losses for every recession in the past forty years. Paul Krugman says it is time for another stimulus. Many will argue, "The $700 billion bank bailout and the $800+ billion stimulus falied. We can't keep doing this." The answer is that the graph above would look even worse if those bills hadn't passed.I haven't blogged about the economy for a long time because it's too depressing (and I don't think many of my readers care to read my take on it). It is difficult to view our current situation as anything but an express train to hell. The best the government can do now is put on the brakes. Calls to cut spending will only put the foot on the accelerator.
I really need to revitalize the uplifting music theme...
Well feel free to blog or email me for my benefit because I don't get how any of this works. With all due respect to my alma mater, I didn't leave with a firm grasp on economics. What you and others are advocating appear in my world to be akin to me running up credit card bills and living beyond my means so Danny Detroit can keep making cars that fall apart so that Mikey Mechanic has to keep fixing them.
ReplyDeleteSome of us do care about your economic opinion!
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