nuts vs. New Deal

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Roosevelt Institute fellow David Woolner explains http://www.nextnewdeal.net/fdrs-new-deal-shattered-austerity-myth how the New Deal shattered the austerity myth and contrasts our current "fragile yet steady recovery" to the double-dip recession in Europe:

We are told again and again [by the GOP] that the way to create jobs is to reduce spending and cut the size of government. Never mind that these policies have failed in Europe over the past two years, while President Obama's rejection of austerity has resulted in sustained economic growth over exactly the same period.

Writing that socialism isn't the answer, Robert Reich wants to reform capitalism--but not, of course, in the up-is-down manner of Republican "reform." Their demands for more top-heavy tax cuts are "perverse" because "Corporations and the rich don't need more tax cuts; they're swimming in money as it is:"

The reason they don't invest in additional productive capacity and hire more people is they don't see a sufficient market for the added goods and services, which means an inadequate return on such investment.

A New-Deal style share-the-profits recovery is thus excluded from consideration:

A resurgent right insists on even more tax breaks for corporations and the rich, massive cuts in public spending that will destroy what's left of our safety nets, including Social Security and Medicare and Medicaid, fewer rights for organized labor, more deregulation of labor markets, and a lower (or no) minimum wage.

This is, quite simply, nuts.

Nuts or not, they have plenty of (Astroturf) support.

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This page contains a single entry by cognitivedissident published on May 7, 2012 11:36 AM.

artistic accomplishment was the previous entry in this blog.

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