Excerpts: Fiscal expansion works. …the idea of expansionary fiscal contraction is a contradiction. No place illustrates this better than the euro area, where austerity budgets have been imposed on debt-laden countries. The result is that the euro zone is mired in recession for the sixth consecutive quarter. …there certainly is no special number at which debt becomes crippling, such as the 90 percent debt-to-GDP
And great comment:These free trade policies open our vast consumer market to multinational companies without requiring them to make anything in the USA. That has resulted in a devastating de-industrialization of our country, the loss of 6 million manufacturing jobs and 56,000 factories just since 2000.
This is a loss of not just jobs and wages, but also GDP and tax base, and, worst of all, the loss of skills, knowledge and industrial capacity to make wealth in the future.
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