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View Diary: Our Economy is in a Second Great Contraction, says Kenneth Rogoff -- We Must Reduce Debt Imbalance (58 comments)

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  •  You are right on target here. The US is also (2+ / 0-)
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    k9disc, nomandates

    spending as much on defense as the next 43 countries combined.

    This is too much.

    We need to take $200 to $300 billion/year out and redeploy it with job creation, and debt reduction, IMO.

    Not reduced social programs, but increase social program spending.

    My understanding is that social program spending has one of the highest economic multiplier effects of any kind of spending.

    Recipients typically spent it immediately, and in the US.

    Unlike military expenditures.

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Tue Aug 02, 2011 at 08:08:49 PM PDT

    [ Parent ]

    •  More than that, 10% of GDP (0+ / 0-)

      1,5 trillion a yr.

      The multipliers are weak compared to the 1930's, we have to spend more, and for longer.

      FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Tue Aug 02, 2011 at 10:47:45 PM PDT

      [ Parent ]

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