Krugman does not hold back, things are very bad, and he even foresees up to 10 million unemployed this year alone unless Obama takes action.
This is a very very good article, read it.
Rolling Stone: What Obama Must Do
If banks need federal funds to survive, provide them — but demand that the banks do their part by lending those funds out to the rest of the economy. Provide more help to homeowners. Use Fannie Mae and Freddie Mac, the home-lending agencies, to pass the government's low borrowing costs on to qualified home buyers.
But to pull the economy out of its slide, you need to go beyond funneling money to banks and other financial institutions. You need to give the real economy of work and wages a boost. In other words, you have to get job creation right — which FDR never did.
You probably have to spend $800 billion a year to achieve a full economic recovery.
...enhanced unemployment insurance, food stamps, health-insurance subsidies — is both the fair thing to do and a desirable part of your short-term economic plan.
3 comments:
The right inside the Dem. party will fight every inch of any "real" plan to provide aide to people. This was the greatest victory of the far right . The far right pushed the reg. right out of the Rethug. party and into the Dem. party because of it's extreme views. But, now the Dems. are a rightist party as well for the most part on economic issues.
Screw those guys, O might have the persuasive power to win the day. We will see, either he does it or we a are going to sink.
Yes, the economy's engines have flamed out and were going down.. The miracle plane landing is a metaphor for what all of us are hoping for @ this pt. Chances are though it's not going to be that easy is it? This awful Recession has been coming since Reagan.
The Krugman article:
I liked Krugman's analysis of our plight. He's didn't try and gloss it and the truth now as hard as it it is what we need to hear. We've been getting served lies and lip service since 2001 from our Gov't and whose surprised at the result. We all now have a damn good idea of what Gov't by Corp. PR/HR happy talk ends up in.
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