reprinted from talking points memo in full:
Let’s just stipulate DC Republicans are simply not part of the discussion when it comes to repairing the US economy or arresting our slide into deep economic misery. And any reporters who aren’t clear about this are just lying to their readers or viewers. The latest Republican plan, in the face of today’s new spike in unemployment, is a freeze on federal spending. I’m not even sure it’s fair to say that this is a replay of the disastrous decisions the magnified the Great Depression between 1929 and 1933. It’s more a parody of it. When the crisis is a rapid and catastrophic drop off in demand, you handcuff the one force that can create demand (i.e., the federal government) in the throes of the contraction. That’s insane. Levels of stimulus are a decent question. Intensifying the contraction is just insane and frankly a joke. It’s time to recognize that the only debate here is happening among Democrats and sundry non-affiliated sane people. The leaders of the GOP are simply not part of the conversation.
A freeze on federal spending? What a bunch of clowns. Then again, this is the same group of people who think that the New Deal was responsible for the continuation of the Great Depression.
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i’m totally in your camp here, but *no one* can claim to know the exact reasons for what “prolonged” the depression or how much the New Deal correlated or caused its end. And the school of thought is called the “Austrian school” and while I don’t agree with it, it is not without intellectual merrit…