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View Diary: A Failed Experiment (136 comments)

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  •  The cost of the failed experiment has been huge (7+ / 0-)

    A large part of our debt is due to this experiment, and we'll be paying it back, with interest, for decades. It of course is only fair that the rich, who received all of the benefits, should shoulder a good share of the burden.

    The main tenets of the experiment don't even make sense. Companies don't hire people unless they have to. The main component in this equation is demand. Tax rates, unless they reach confiscatory levels, are a very weak influence.

    To stimulate hiring, Keynesian "pump priming" works. The GOP-derided stimulus together with the bailouts worked very well in turning around a catastrophic plunge in just a few months, even though the way it ended up being constructed made it far less efficient than it could be, and it was not large enough to produce full recovery, as Krugman and many others predicted.

    The key to a robust economy is to get the middle class healthy again, and let it reap the rewards of its own increases in productivity, rather than handing them along to the upper 1%.

    The President knows all of this. The American People (excepting Fox Nooze fans) know all of this.  We are on the right (correct) side of this argument, and this time, it is the Republicans with their failed experiment, who either need to back down, or we need to back them down.

    We have sunk enough trillions of dollars into this abject failure of an experiment. Time to stop putting good money in after bad.

    "The only thing we have to fear - is fear itself." - Franklin Delano Roosevelt

    by orrg1 on Thu Nov 22, 2012 at 06:44:01 AM PST

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