Obama and GOP plans are inadequate to scale of ‘Lesser Depression,’ report says
By Zachary Roth | The Lookout – Wed, Oct 12, 2011
The American economy isn't just going through a weak patch--it's
mired in a "Lesser Depression" that poses a challenge more daunting than
at any since the crisis of the 1930s, according to a major new study
released Wednesday.
The provisions in President Obama's jobs plan
are no more likely to be effective at producing a lasting recovery than
were the bank bailouts and various stimulus efforts that came before,
write Daniel Alpert, Robert Hockettt, and Nouriel Roubini in the New
America Foundation report, "The Way Forward: Moving from the Post-Bubble, Post-Bust Economy to Renewed Growth and Competitiveness." The dire economic situation, they argue, demands far more urgent and aggressive action.
Friday, October 14, 2011
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