Monday, June 13, 2011

Larry Summers Calls For More Economic Stimulus, Payroll Tax Cuts

The way out is for a second stimulus and a jobs program to happen. We need to focus on retaining present jobs and creating new jobs that do what the WPA did build things like new airports, highways, parks, libraries, college buildings, train stations, trains, clean up the environmen­t, new upgraded infrastruc­ture and things that will make the USA modern and thus competitiv­e with the rest of the developed world. The first stimulus was too small but it did stave off unemployme­nt for a while. What is needed is to reduce the fear factor of looming unemployme­nt and increase personal spending by people being employed. An added benefit that most naysayers do not admit to is the increase in tax revenue that occurs because employed people pay income taxes. Putting people back to work is what at this point only the government can do. Business is flush and sitting on their money watching the economy sink. They have been given everything except the right of indenture servitude and free labor and have provided nothing in return except more layoffs. We need America working and fast. However the Republican­s would rather see failure and misery because the majority of the people are not who they care about too sad they the majority does not seem to get this.
Read the Article at HuffingtonPost

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