"Wall Street is back, but America isn't" - Americans are usually patient people, but now we're seeing the consequence of "Wall Street is back, but America isn't" as we begin voting for a new president.
In that one Bradford DeLong and others agree with Krugman on Geithner and mortgage relief.
This the 7th comment down in yours.
Len Charlap Princeton, NJ May 19, 2014
Suppose you run a business. You make cars. You cut lawns. Are you going to hire more people, build more factories, or buy another mower, if you can't sell more cars or cut more lawns? It's true that people want a new car or their lawn cut, but they don't have enough money to pay for the car or the lawn service. Too many are out of work. Too many have low paying jobs.
It's not taxes or regulations that are holding the economy back. It is the lack of money on the part of those who would like to spend it. There are only two sources of money.
1. The Rich have a lot of money. They could afford to pay their workers more, build new factories, hire more people, BUT they are not going to do that until there are people who can buy more stuff.
2. The only other option is the federal government. It can print money. It can spend money. There are many worthwhile ways to do so. It can fix our roads and bridges, build a new power grid, give grants to the states to help with education, sponsor research, etc., etc., etc. Even simply giving money to poor people to buy food gets more money into the economy.
As a percentage of GDP our public debt is about 40% less than it was in 1946. From 1946 to 1973 we increased the debt in dollars by 75%. BUT we had prosperity. Real median household income surged 74%.
After WWI we had 10 years of balanced budgets. We decreased the debt in dollars by 38%. This was followed by the worst economy in our history.
.. again reflects the sentiments of billionaire Nick Hanauer who has said it is consumers who create jobs ..
Too Hot for TED: Income Inequality .. bit of ..
There’s one idea, though, that TED’s organizers recently decided was too controversial to spread: the notion that widening income inequality is a bad thing for America, and that as a result, the rich should pay more in taxes.
TED organizers invited a multimillionaire Seattle venture capitalist named Nick Hanauer – the first nonfamily investor in Amazon.com – to give a speech on March 1 at their TED University conference. Inequality was the topic – specifically, Hanauer’s contention that the middle class, and not wealthy innovators like himself, are America’s true “job creators.”
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