AP: "For all of 2008, the economy lost 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost, although the number of jobs in the U.S. has more than tripled since then. ...
Even with a new government stimulus, the unemployment rate is expected to keep rising this year. Some think it could hit 9 percent or 10 percent at the end of this year."
So, the perceived downside to refusing the Economic Stimulus plan? Jobs would be lost. The potential upside to accepting the Economic Stimulus plan? Jobs would be lost. Would the masters of mediocrity please step forward. I'm talking to you, National Republican Party and George W. Bush.
Admittedly, this isn't even that bad in historical terms. In recent history it is, but its been a while since we had a bust phase in our economy. Normally these phases clear out the fetters of industry, and the surviving companies are more efficient and productive with their capital.
Not so this time. In the wisdom of Washington, we are keeping bungling companies afloat to garner votes.
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Know what I find frightening? Back in the days of the Great Depression, FDR basically did the same thing -- the notion that you could deficit-spend yourself out of a recession/depression. Many economists now think that FDR's "recovery" program actually lengthened and deepened the Great Depression. The only thing that brought us out of it was World War II.
Not very encouraging, is it?
Man, Bastogne gets cold in the winter...
Yo, Solameanie, ever heard of "nothing new under the sun?"
Not, of course, that it makes the economic situation any worse, but what really sickens me is the irony. "Oh boy, so the 700 billion didn't work, let's dump some more money into the economy and see what happens." Nothing about 'once burned twice shy' or anything of the kind. No siree!
It's like they're trying to wreck the country on purpose. Hmmm.
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