Deficit Spend to Remake the U.S. Economy
A group of more than 300 economists led by three Nobel laureates submitted a letter last month urging Congress to deficit spend at least $300 billion to $400 billion per year to jump start the economy and avoid the possibility of a depression. Nobel Laureate Paul Krugman is calling for $600 billion per year, and similar numbers are being discussed in Congress.
But rebuilding a strong economy will require more than short-term stimulus. One important but oft-neglected lesson from this crisis is that smart, long-term investments - as opposed to short-term speculation and consumption - are essential for creating new and lasting prosperity.
Read the full article...
