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View Diary: 350 economists sign letter advocating jobs and growth rather than austerity and budget cuts (86 comments)

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    elwior

    170 billion was actually spent on infrastructure. Roads, buildings, bridges, etc.

    A trillion dollars would have created 20-25 million jobs.

    Last year we spent 1.3% of GDP on infrastructure, we used to spend 5%+ of GDP.

    Remember, in 1934 the economy grew at 11%, 1935=9%, 1936=13.9%. Thats because the scale of the solution roughly matched the scale of the problem.

    New Deal Tax Policy
    Financial regs like Glass Steagal II
    5% of GDP infrastructure spending

    All of the above has been taken away, now we have the jobless recovery since Regan eviscerated the New Deal.

    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 Thu Nov 15, 2012 at 02:53:07 PM PST

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