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U.S. debt

There Ain't No Cure For The Recession Blues

One day it will dawn on us that this is no ordinary recession. This is not a fiscal or credit crisis. Another trough in the usual boom and bust cycle. This time Keynesian prime-pumping won't work (if in fact it ever did, contrary to legend). We cannot spend or inflate our way out of this one. And if we do the reverse, if we cut back spending and implement austerity and conservation measures, we will only be taking our foot off the gas pedal-----not braking our motion toward the cliff. And the poor and the unemployed will suffer a disporportionate amount of the pain. Traditional left wing or right wing strategies are obsolete. The problem they would attempt to solve is much deeper than they imagine, and beyond their comprehension.

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