Of course the economy isn't going to "recover." Of course the
stimulus won't work, needed though it is.
Until the income distribution is massively corrected -- and not
through taxing the rich, needed though that is -- there isn't going to
be anything but sputtering, at best.
The third leg of macro policy, as the Sandwichman keeps reminding us,
is cutting the work week. Until the work week is significantly cut,
e.g. to four days, sputtering is us, again "at best."
More important, cutting the work week to four days is the first step
on cutting it to three days, and both steps are REQUIRED to have any
hope of keeping the GHG to the level at which the climate won't runaway.
Gene Coyle
On Jan 19, 2009, at 6:37 AM, Louis Proyect wrote:
http://www.latimes.com/business/la-fi-econ19-2009jan19,0,1021931.story
NEWS ANALYSIS
U.S. economy may sputter for years
Unemployment could be worse than now by the time President-elect
Barack Obama's first term ends.
By Peter G. Gosselin
January 19, 2009
Reporting from Washington — Transfixed by the daily spectacle of
dismal economic news and wild Wall Street swings, few Americans have
looked up to see what a wide array of economists say lies beyond the
immediate crisis.
And with good reason: The picture isn't pretty.
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