Deficit Hysteria to Bring on a Full-Blown Depression

17 Sep

Alternet by Joshua Holland

On Thursday, 300 economists and analysts issued a statement warning that the “deficit hawks” who appear to be gaining the upper hand in our economic debates are threatening to turn an already deeply painful recession into a full-blown depression.

In a conference call with reporters organized by the Campaign for America’s Future, the experts warned that the American economy now stands at a crucial juncture. They acknowledged that public debt is mounting, and presented a choice of two different paths to right the ship: imposing fiscal “austerity” today, in the midst of the most serious downturn since the Great Depression, or investing in the American economy — with public spending over the short term — in order to grow our way out of the red ink.

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2 Responses to “Deficit Hysteria to Bring on a Full-Blown Depression”

  1. medical engineering September 17, 2010 at 1:06 am #

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    • gordonokc September 17, 2010 at 1:19 am #

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