Town Square

Crash course to bankruptcy again!

Original post made by Ted Rudow III, MA, Palo Alto High School, on May 4, 2012

Crash course to bankruptcy again!

This story contains 257 words.

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Posted by Anon.
a resident of Crescent Park
on May 4, 2012 at 7:05 pm

A better explanation of whatever this article is trying to say can be had by reading Robert Reich's book "Aftershock" or the new one by Paul Krugman talking about demand in the economy and how growth cannot occur without it.

Inflation is not good, it kills people in fixed incomes, and is not particularly good for working people either, it eats up even more of any salary gains, which is one of the big problems talked about over and over in the divide between the working people and the "1%".

People jump in here and rant about austerity and socialism and all the Republican buzz-words, but there is really no argument for trickle-down supply side anymore except they want it because they get more money.

Until we address demand and put money in the hands of working people we will just sit and languish in this mess, while most of the economic activity and growth will occur outside America.

There is just no better way to tear down America than crippling its middle class in a permanent way that will be with us for decades while we listen to Republicans like Romney complain that the 13% he pays in taxes are still too much.

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Posted by Big Gato
a resident of Stanford
on May 5, 2012 at 10:26 am

We must create demand.

Rehire immediately the half million public sector (mostly state and local) workers fired under Obama, create more jobs repairing the infrastructure that needs to be repaired sooner or later if we are to remain competitive with emerging countries, rebuild towards a green energy economy with investments in solar at least as large as China.

Demand = jobs = revenue

Return to Clinton era spending levels, Clinton era job creation (23 million jobs vs Bush zero) Clinton era tax rates.

Austerity fails the growth test everywhere. Time to build our way back to a booming economy.

Clinton spending + Clinton tax rates = balanced budget

Proven real world balanced budget solutions, only a decade ago. Do not return to Bush's disastrous economy via Romney's copy and paste of Bush policies.

We can't afford it.