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-- Brad Delong

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Tuesday, July 20, 2010

Welcome to the Lost Decade . . .

. . . or more.

This is what the unemployment picture looks like, from CEPR, via HuffPo.



(And check out the other graphs at the CEPR link.  You might want to have a strong drink handy.)   That leveling you see above through '09 and improvement (for a while) this year - such as it was - were due to the stimulus package.  Which is about done.


If I can invertly paraphrase what minority leader and Rethug asshat John Boehner said in a different, but related context, this is elephant hunting with a sling shot.  Fact is, it was just enough to give lying Repugnicants, glibertarians and ideologically-blinded Austrian fellow-travelers an excuse to claim it didn't work.

Well, it did work.

A little.

For a while.

In spite of being largely wasted on totally non-productive tax cuts.

Our journey to the lost decade comes to you courtesy of Prez B. Hoover Obama, Yellow Dog DINOS, obstructionist Repugs, and the richest 1% of Americans, whom all of the above suck on like toads.

Update: The problem with things like the stimulus package is, of course, that debt and debt servicing costs are increased.  Or so the story goes from them who be agin' it.  Krugman gives us some historical perspective.
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3 comments:

J said...

Yes but...it's a Demo Prez., and Demo-controlled Congress, and the economic collapse went down on their shift, right. And with someone like Larry "De-reg King" Summers in charge, I'm not sure the labels really apply---few things are more libertarian than calling for ending regulations on lending institutions --and that is Summers legacy, even if he (and a few others) now say some intervention may be necessary.

For that matter, when Blankfein, CEO of G-sachs, calls the shots for Demos AND GOP you get a good sense of who's running the country (and another of Clinton's palsies)--tho' the GOP morons such as Boehner were licking his boots as were the Dinkocrat leaders.

Obama could have implemented FDR-like recovery plans, govt. work-projects, so forth months ago. Instead they're dealing with the BP mess (also signed off by most Demos...). Counterpunchers have been writing some interesting things on "who to blame" for unemployment as well--for one, blame all the politicians (both Demo and GOP) who shipped off manufacturing jobs to 3rd countries....

Jazzbumpa said...

Yeah. I was trying to make your first point clear in the last para before the update.

Truly, Demo is the new Repug.

Repug is the new batshit insanity.

But fascism is the same old same old: Govt. run by big business, with a side of police state, all enabled and abetted by right-wing populism.

WASF,
JzB

J said...
This comment has been removed by the author.