Quote:
Originally posted by Tyrone Slothrop
Here's a shorter summary from DeLong, from a post about ten days ago:
- George W. Bush, after 9/11, had a chance to take out insurance against a poorly-performing labor market--had a chance to set a significant employment-creating fiscal stimulus program in motion. Yet he decided not to do so: decided to say that he was proposing a "jobs program" while what he decided to do was another round of tax cuts for the rich--a round that had extraordinarily little in the employment-bang-per-deficit-buck department. This isn't hair splitting: this is the essence. Bush bet that the labor market would recover on its own, and no one would notice that his deficit-boosting "jobs program" was weak tea in the context of the large shortfall in employment growth. He was wrong: we lost.
|
but tax cuts taste good. mmmmm tax cuts......
