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Old 05-03-2013, 12:41 PM   #1
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Join Date: Apr 2008
Location: Mid-Atlantic
Posts: 19,776
Default Keynes was right, contractionary economics was wrong

...the advocates of using neo-Keynesian counter-cyclical policies to respond to the Great Recession have been proved right, and the contractionary economic policies pushed by Republicans and right-wing economic pundits in the US, along with an astonishing range of experts as well as politicians in Europe, have turned out to be disastrously wrong (as predicted).
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...the political conditions for more sensible and constructive policy responses to the ongoing Great Recession are not encouraging. In Europe (where a lot of countries are far from even incipient recovery), the framework for EU-wide economic policy-making is notoriously dysfunctional for a range of reasons. Here in the US, fundamentally, the Republicans are the problem. In particular, thanks largely to the benefits of gerrymandering, the House of Representatives is in the grip of know-nothing Tea Party Republicans whose determination to sabotage any possibility of economic recovery seems limitless and impervious to evidence or argument ... and the Senate Republicans have proved themselves capable of historically unprecedented and ever-escalating levels of indiscriminate and almost monolithic obstructionism.
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