Top Economists Call for Action Now
Fourteen million out of work! Sixteen notable economists and historians have joined in a consensus statement for The Daily Beast demanding urgent action on unemployment and the faltering recovery. Joseph Stiglitz, Alan Blinder, Robert Reich, Richard Parker, Derek Shearer, Laura Tyson, Sir Harold Evans, and other thought leaders have produced a manifesto calling for more government stimulus and tax credits to put America back to work. To avoid the mistakes of the era of the 1930s, the government should not make deficit reduction the first target. Instead, it should replace the lost purchasing power of the unemployed and their families and employ other tax-cut and spending programs to boost demand.
Read it at The Daily Beast
can john maynard keynes get his groove back?
Nobel Laureate: We Don't Need More Government Spending
On Monday, The Daily Beast published an open letter by sixteen economists and historians calling for more government stimulus. Not everyone's signing up, however: Nobel Laureate Vernon Smith has replied to the letter, begging "Please no more government spending! The deficit must now be faced." The previous stimuli were not as effective as expected, he argues, because people saved their money or paid off debt rather than buying new things. Smith advocates lowering business taxes and the costs of creating start-ups.
Read it at The Daily Beast
its the spending stupid
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