Monday, June 28, 2010

Mark Weibrot in Counterpunch

It is sad to see that the U.S. Congress is having trouble even passing just $24 billion for unemployment insurance at a time when the economy is weak and unemployment is at nearly 10 percent. This shows the power of right-wing ideology in this country: Even the simplest, smallest and most obvious steps to relieve economic misery can be held back...

It was the collapse of private demand – consumption and investment – brought on by the bursting of an $8 trillion housing bubble that put us in this mess. Since our trade deficit is growing again... that leaves only government spending to give the economy a boost until private spending is sufficient to bring us back to full employment...

The choice is simple, really: more stimulus or more unemployment. And more poverty, and more people losing their homes and health insurance...

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