“1938 in 2010” by Paul Krugman (TIMES, 9/6/10)


          Kudos to Paul Krugman for attempting to learn from history so as not to repeat it. 

          Unfortunately, contemporary economists and politicians are making the same mistakes FDR did at the beginning of his second term in office. 

         To halt the current economic downturn, it is necessary to engage in deficit spending, not cut the budget. The best way to use that borrowed money would be to finance a massive federal jobs program that would not only put the majority of the unemployed back to work repairing a crumbling infrastructure, but would also quickly circulate their earnings into the marketplace.

          Obama needs to take the lead in pushing this economic strategy. If he can get it started in some way right now, it might even enable the Democrats to win this off-year election.

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