In advance I will christen the first phase of the Obama administration's economic policy as "the phony war." It will pursue a moderate, conventional path of "economic stimulus" and it will fail. Not only is the recession "not over yet," it has hardly begun.
On the heels of year-after-year-after-year of government deficits, one more "stimulus package" will be like pushing on a string. Unemployment will continue a relentless upward creep. The only way to stop it will be through direct measures, not roundabout fiscal ones. That means either a huge public works program or "work-sharing". On Thu, Nov 6, 2008 at 10:18 AM, Jim Devine <[EMAIL PROTECTED]> wrote: > The New York Times / November 6, 2008 > Economic Scene > Top Priority Is Stabilizing the Patient > By DAVID LEONHARDT -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
