From Paul Krugman today:
Suprise Anti-Austerians
Meanwhile, the IMF special report for the G20 (pdf) is essentially a declaration that the focus on universal austerity was wrong, wrong, wrong. It’s a lot milder than it should be — the Fund is still, for example, endorsing the Cameron austerity plan. But it pretty much flatly says that Congress should pass the Obama jobs bill.
According to Krugman, both the IMF and Goldman Sachs have stepped off the austerity train.
Why? Because somebody in the 1% (other than Warren Buffett) has finally figured out that wealth doesn't trickle down. It rises up.
The 1% are not the job creators -- it's the 99%.
It's not the guy who hires an undocumented immigrant to clean his pool who creates jobs. It's the auto worker who uses his bonus to buy a big-screen TV.
It's not the owner of a 3,500-square-foot McMansion who hires a Puerto Rican maid creating jobs. It's the soccer mom who needs a mini-van to haul around her kid's team.
It's not the Wall Street day trader who creates jobs, it's the fast food clerk who spends his entire paycheck on food and rent.
The GOP has had it backward all along.
Everyone benefits when everyone shares the wealth. A fair and equitable distribution of wealth results in a stable economy. If the government wants to collect revenue, it has to spend revenue.
For the love of God! Somebody grab Eric Cantor and John Boehner and tell them their puppet masters are starting to see the light!