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Dwindling Deficit Disorder

Dwindling Deficit Disorder | jones eco101 | Scoop.it

For three years and more, policy debate in Washington has been dominated by warnings about the dangers of budget deficits. A few lonely economists have tried from the beginning to point out that this fixation is all wrong, that deficit spending is actually appropriate in a depressed economy. But even though the deficit scolds have been wrong about everything so far — where are the soaring interest rates we were promised? — protests that we are having the wrong conversation have consistently fallen on deaf ears.

What’s really remarkable at this point, however, is the persistence of the deficit fixation in the face of rapidly changing facts. People still talk as if the deficit were exploding, as if the United States budget were on an unsustainable path; in fact, the deficit is falling more rapidly than it has for generations, it is already down to sustainable levels, and it is too small given the state of the economy.

Start with the raw numbers. America’s budget deficit soared after the 2008 financial crisis and the recession that went with it, as revenue plunged and spending on unemployment benefits and other safety-net programs rose. And this rise in the deficit was a good thing! Federal spending helped sustain the economy at a time when the private sector was in panicked retreat; arguably, the stabilizing role of a large government was the main reason the Great Recession didn’t turn into a full replay of the Great Depression.

 

 


Via The Ryno
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The Ryno's curator insight, March 11, 2013 12:31 PM

There is no need for America’s long-run fiscal concerns to drive its budget policy today.

Rescooped by Christie Jones from Inflation and Unemployment
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The Jobless Generation

The Jobless Generation | jones eco101 | Scoop.it
Tens of millions of young people are unemployed.

Via Ben Christopher
Christie Jones's insight:

Although this article is about the graduates of Spain and the lack of jobs they are able to obtain...this very much so is happening in the United States. Getting a degree doesn't insure a job.

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Education - Economics of Education

Education - Economics of Education | jones eco101 | Scoop.it
Christie Jones's insight:

This is a great article about how individual areas have to look at the needs of their people and make stratigies on improving their education.

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History of the Euro Currency and the Eurozone

Watch the YouTube clip on the history of the Euro


Via John Holdsworth
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It's not the deficit that will haunt our children: it's unemployment

It's not the deficit that will haunt our children: it's unemployment | jones eco101 | Scoop.it
Heather Stewart: Forget talk of the 'burden' of government debt on future generations. Look at how austerity scars young people now

Via Ben Christopher
Christie Jones's insight:

Across the globe college graduates are finding it difficult to find jobs, much less in their field of study. Even if the graduate does find a job in their field they may find that the pay is not what they had banked on and for those grads that have financial loans to pay back it may very well force them back at home with parents.

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Education - Economics of Education

Education - Economics of Education | jones eco101 | Scoop.it
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Christie Jones's curator insight, June 11, 2013 9:02 AM

This is a great article about how individual areas have to look at the needs of their people and make stratigies on improving their education.