Speaking the truth to power is necessary in new areas of public discourse. Now is the time for good men and women to speak economic truth to the MSM - and their neighbors, family, friends, co-workers and church family. Because the MSM is either clueless or crying wolf - lying - for political purposes.
Today’s example from the Daily Press (Obama to roll out Econ 101, Feb 23, 2009) by Jim Puzzanghera included this gem:
“Yet the alternative to spending on a huge scale could be that the present crisis could not only worsen but last for a decade or more as did an eerilly similiar financial system crash in Japan in the 1990s.”
The eery similarity is that Japan had a housing bubble burst in the early 1990s. and the US had a housing bubble burst in 2008.
Then, Japan tried government stimulus program after stimulus program. All the spending failed to help the economy. All the government spending prolonged the economic hardships for a decade.
The correct way to write this sentence is this:
“The alternative to spending on a huge scale could be that the present crisis will turn around in less than a year, and the economy will recover fully within 24 months - much likely much sooner.” And the paper should add - The alternative is to not spend a dime. In fact, cutting spending and taxes - personal and corporate - would set the stage for a multi-year recovery and growth.
Hey, Jim Puzzanghera, please name the country that spent its way out of an economic downturn. Anywhere. Ever.
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