jobs, but from where?

April 16, 2011

We should put the recovery on solid footing by increasing wages and employment, not needlessly slashing government spending.

Just as everybody seems to be understanding the full implications of the UK government’s approach to fiscal policy, we may be on the verge of embracing it here in the US. This a very negative development.

Yes, we should eliminate wasteful and unnecessary spending (we can start with a large proportion of the defense budget). But when we are experiencing a shortage of aggregate demand (the total spending, private and public, that supports employment and output), it makes no sense to introduce further cuts by…

If no stimulus benefits the rich, and stimulus benefits the rich what can we do?

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