At a time of low economic demand, you cannot continue to cut government spending and expect any sort of economic growth.
But this lesson still awaits learning by the G-8 summiteers, who insist that destroying their economies further is the only way to go.
And our President joins in with his own form of stupidity: “All of us are absolutely committed to making sure that both growth and stability, and fiscal consolidation, are part of an overall package in order to achieve the kind of prosperity for our citizens we all are looking for.”
What’s needed right now is big-time stimulus, much higher inflation, and a commitment by world leaders to continue this approach until the disastrous levels of unemployment are brought down.
Gorilla says: “Deficits and debt don’t matter at all, and will matter even less when more people have jobs!”