Quote:
Originally Posted by classicman
Can you tell me how the Pelosi/Reid?Obama plan (whatever) differs from that which Japan did for a decade?
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According to Nobel economist Paul Krugman and many others, the comparison to Japan that appears to be the talking points of those opposed to spending here, ignores two facts:
Japan was timid in spending and in fact overrepresented how little they spent on job creaton, and yet still created jobs.
Until, after one-two years, they decided to try to balance the budget and raised the national sales tax, killing whatever economic progress they made up to that point.
Media cite Japan's "lost decade" to criticize Obama's economic stimulus plan, but economists disagree
To do it right will take more courage than the Japanese...understanding that the impact on the deficit will be significant (although no more significant than Bush's tax cuts and Iraq war, which contributed to raising the US debt from just under $5 trillion when he took office to $10 trillion when he left office)
But I would ask again...what would you suggest as a more viable option with a greater likelihood of success?