Let's put it this way....SOMEbody needs to embrace jobs
Quote of note:
Economists purport to be surprised about them; we read in the press, repeatedly, that "no one" predicted it. That's not true. Economists who applied a systematic Keynesian framework to current conditions -- notably, Wynne Godley of Cambridge University and the Levy Institute, and this author -- have been issuing warnings on these issues since the 1990s.
Bankers Versus Base
Deficit reduction is the wrong obsession. Democrats need to embrace jobs and growth.
By James K. Galbraith
Issue Date: 05.07.04
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There may come a day, in January 2005, when the Democrats will come back to power. Can we perhaps divert ourselves from the campaign long enough to ask, what then?
The Democrats have a problem. Their base wants jobs and security. Their financial leadership wants a return to the Clinton formula of deficit reduction, leaving low interest rates to generate economic growth and jobs. John Kerry's emerging economic platform pays heavy homage to this formula, but it is unlikely to work out. A return to Bill Clinton's policies will not reproduce Bill Clinton's results. There are at least six reasons why this is so.
