RECESSION: IT’S A CHOICE
Economists conclude we’ll slip back into recession if we fail to pass the American Jobs Act – or avoid that if we do. Bloomberg reports the story here:
. . . A reduction in government spending, the end of the payroll-tax holiday and an expiration of extended unemployment benefits would cut GDP by 1.7 percent in 2012, according to JPMorgan Chase & Co. chief U.S. economist Michael Feroli in New York. Instead, the Obama proposal makes up for that potential loss and may add a net 0.1 percent to the economy, he estimates. . . .
. . . In the Bloomberg survey, Goldman Sachs Group Inc. estimated the plan would add 1.5 percent to the economy, while Macroeconomic Advisers LLC said 1.3 percent and UniCredit Research, up to 2 percent. . . .
☞ Hard to imagine why we’d prefer another recession – or why we wouldn’t want to fix bridges and modernize dilapidated schools. It seems to me that, whatever our political affiliation, we should be furious with any senator or member of Congress, of whatever party, who stands in the way.
THE PRESIDENT AT THE UN
Want to feel really good about America and her leadership? Find some quiet time right now, or this weekend, to watch the President’s speech to the UN. It is us at our best.
Quote of the Day
To the old money, the world is a conspiracy of thieves. To the new money, the world is a department store.~Lewis Lapham
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