Friday, October 31, 2008

"build,baby, build"

Forget "drill, baby, drill" as the chant of economic populism. What we need to do, says Paul Krugman, is "spend, baby, spend!" As Krugman, who I hear knows a thing or two about economics, notes it is difficult to boost consumer spending when interest rates are so low; the Fed's funds rate is already at 1%, can't godown much further.

So, we gotta spend. And the best way is simple: let the government spend. That way the fiscal stimulus intent isn't lost by people paying off their credit card bills instead of buying new lawnmowers.
And there is certainly no shortage of infrastructure that needs fixing...
So maybe it should be "build, baby, build".


Blogger Sona said...

A la the WPA programs, perhaps? It would be nice to have some real work done for the benefit of society as a whole. National Parks, roads, reclamation of mined areas. How about conservation? Or recycling?

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