From the Frontlines: July 14, 2010
July 14, 2010 · By Jennifer Doak and Beth Goldberg
Stiglitz on the stimulus, six months after the earthquake, and what we could do with a trillion dollars.
The debate over federal stimulus rages here, with Nobel prize-winning economist Joseph Stiglitz announcing his support for the federal stimulus, saying, “Keynesian economics worked: if not for stimulus measures and automatic stabilizers, the recession would have been far deeper and longer, and unemployment much higher.”
But in the meantime, Dean Baker argues on Common Dreams, we should treat reckless corporate behavior like drunk driving -- and these corporate drunk drivers, who got us into this fine mess, should pay for it.
In defiance of basic mathematics, not to mention common sense, Senator Mitch McConnell (R-KY) claimed that Bush tax cuts did not reduce revenue. Really.
BP finally got a containment cap on their gushing oil geyser, but senior vice President Kent Wells cautioned that this is just the first step in a multi-step process and this method holds no guarantee for success. Meanwhile, a majority of Republicans are now against offshore drilling (and this according to Rasmussen). When will Congress follow suit?
On the six month anniversary of Haiti’s devastating earthquake this January, less than 2% of Haitians displaced by the quake have moved back into housing of any form in Port au Prince. Associate fellow Bev Bell also has a report from Haiti, six months after the earthquake.
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