August 27, 2010 9 Comments
But we’ve already seen the consequences of playing it safe, and waiting for recovery to happen all by itself: it’s landed us in what looks increasingly like a permanent state of stagnation and high unemployment.
—Paul Krugman, New York Times, Aug 26th, 2010
LONG BEACH— I agree with the latter, b…ut the first half is Krugman gone wild. We didn’t play anything “safe” and we never waited around for the “recovery to happen all by itself.” Since when does passing the largest government stimulus spending spree (a trillion frickin’ dollars!!) in history qualify as playing it safe and doing nothing?!
August is almost over and with it goes the halfway point of our “Summer of Recovery.” Meanwhile, we continue to shed jobs, the economy has yet to get going, unemployment is nearly at 10% (really though, 18.4% of workers are either unemployed, only part-time, or have given up looking for a job completely) and Mr. Krugman wants to spend more? Yeah, that sounds reasonable to me. I’d love to continue to hand them our wallets since they’ve been such great stewards with the trillions they’ve already taken and spent.
I guess we (minus the White House, Speaker of the House and Majority Leader in the Senate)all agree on one thing: This Is Not a Recovery.