http://www.centraljersey.com/articles/2009/01/27/opinions/doc497f83d8ae815184216560.txt
DISPATCHES: Economy needs Keynesian solution
Tuesday, January 27, 2009 5:06 PM EST
By Hank Kalet, Online Editor
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The mood of the nation may be changing.
A nation that for nearly three decades bought into a conservative ideology that painted government as the enemy is embracing the return of federal intervention in the economy as necessary to repair the damage caused by years of neglect.
Polling over the last month shows that about two thirds of Americans support an economic stimulus package weighted toward government spending while a majority of Americans now favor increased regulation of the financial industry.
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Yeah, they want more gooferment regulation to fix the problem that the gooferment regulation created in the first place. Argh! Theres an incestuaous relationship between the congresscritters, the regulatory agencies, and the companie being regulated. Argh! Follow the moeny and campaign contributions! And, you expect it to change?
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The credit crunch has resulted in “trillions missing from the economy,” he said. “Money is not moving, and the government is in a position to make money move.”
Direct investment — in the form of road and bridge repairs, construction of a 21st-century electrical grid and expanded broadband access — will not only get people working again, but also leave the nation better off down the road.
A little more than a third of the $825 billion stimulus package on the table in Washington is slated to go toward what some are calling “make-work” projects, which also include building schools and providing funding to help local and state governments, as well as homeowners, make their buildings more energy efficient.
The package also includes significant aid to the states, an expansion of unemployment benefits and assistance with health care — all of which not only puts money back in the economy, but alleviates some of the economic pain being felt by average Americans.
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YEAH, every social program that can be thrown in has been. Please don’t make me laugh. The socialists of the R’s and D’s are using this crisis — as politicians have throughout the ages — to justify more and bigger intrusions on our lives, our pocketbooks, and our essential liberties. Argh!
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Without the federal aid, it is likely states will need to slash their budgets, drastically in some cases, to meet constitutional requirements. New Jersey, for instance, requires that its state budget be in balance, meaning falling revenue must be addressed either by cutting taxes or spending cuts — neither of which makes sense at a time of severe recession.
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NJ finances are a joke. The crooks in Trenton spend like there is no tomorrow. And, the taxpayers get stuck.
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While many tie the New Deal — Franklin Delano Roosevelt’s package of programs meant to battle the Great Depression — as Keynesian, Dr. Reich reminds us it was “not until the U.S. entered World War II” that the nation implemented “Keynes’ idea on a scale necessary to pull the nation out of the doldrums.”
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FDR had to lure, cajole, and almost force the Japanese into the attack on Perl Harbor. To end the Great Depression. And, we’re left with the illusion that FDR was a “good guy”.
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These results — and the long economic expansion that followed — are evidence we need bold action; we must inject public money into the economy regardless of its impact on the deficit. Once the economy is rescued, we can start thinking about reining in the deficit.
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No we need to have a revolution!
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