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View Diary: Chomsky on the Economic Crisis (53 comments)

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  •  Chomsky's claim is that equitable growth in (2+ / 0-)
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    fladem, yellow dog in NJ

    the 50s was due to massive gvt. spending.  The chart I link to belies that by showing that gvt. spending increased from the '50s to the present.

    So whatever it was that caused that equitable growth, it wasn't the sheer size of gvt spending.

    We are building a team that is continuously being built. - Sarah Palin

    by burrow owl on Tue Feb 17, 2009 at 06:49:41 PM PST

    [ Parent ]

    •  Your chart shows government spending (6+ / 0-)

      but keep in mind, in the 50's there weren't
      massive amounts of Federal dollars being spent on Social Security and Medicare and paying for electric wheelchairs and college loans, etc.  There WAS a far higher percentage of dollars being spent on technology and infra-structure (Interstae highways, NASA, etc).

      "we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex" Dwight D. Eisenhower

      by bobdevo on Tue Feb 17, 2009 at 07:02:26 PM PST

      [ Parent ]

    •  It's both - you aare both making valid points. (0+ / 0-)

      The problem is looking at what is sustainable real value growth vs throwing money into speculation.

      Eisenhower believed into actually building infrastructure, Republicans derailed from that and have gone into pure speculation to drive innovation - and create bubble after bubble which has burst over and again, causing tremendous damage each time it's done so.  

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