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View Full Version : Robert Reich on the Paul plan




XNavyNuke
10-19-2011, 02:05 PM
Salon: The austerity death trap (http://www.salon.com/2011/10/19/austerity_isnt_the_answer/singleton/)

Basically, he says we need more deficit spending. Big surprise!

XNN

TonySutton
10-19-2011, 02:26 PM
He just shows how stupid he is. They already beat that horse to death. Dead horses don't run.

KingNothing
10-19-2011, 02:36 PM
Salon: The austerity death trap (http://www.salon.com/2011/10/19/austerity_isnt_the_answer/singleton/)

Basically, he says we need more deficit spending. Big surprise!

XNN

Whenever I read articles like that, I'm reminded of something I first found almost a decade ago:
http://mises.org/daily/1226

KingNothing
10-19-2011, 02:44 PM
He just shows how stupid he is. They already beat that horse to death. Dead horses don't run.

It isn't entirely untrue. The Greek austerity plan, as it was originally written and has been carried out, projected to INCREASE debt as a percentage of GDP because of the effect that cuts in spending had on slowing the economy.

I think what would be needed to get out of the mess is drastic cuts as Paul has proposed, coupled with modest debt monetization over a decent amount of time. Ron is write when he repeats his mantra: debt is the problem. Our economy won't start growing quickly until it is liquidated or paid down.