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On Tuesday, the Times published an Other Views column by Mark Weisbrot, "More stimulus spending needed for job growth."
It is unfortunate that Mr. Weisbrot is in a position of influence and a voice that will be heard as co-director of the Center for Economic and Policy Research. His political bias has influenced his interpretation of the economic facts rather than having the facts determine his political position.
In the second paragraph, he refers to the power of right-wing ideology in this country. Starting from that point, he formulates an interpretation of history that is neither accurate nor reflects sound economic principles.
When he speaks of just $24 billion for unemployment insurance, he betrays his ignorance of what a billion dollars is or where it comes from.
Though he may see himself as a modern-day Robin Hood, taking from the rich and giving to the poor, he fails to see that it is the working people he is stealing from and not the elected aristocracy in Washington, D.C.
He also speaks of the bursting $8 trillion housing bubble that put us in this mess. The liberal or progressive politicians in this country are the ones at fault here. Economics 101 would have precluded the banking industry from creating a subprime market. Congress, motivated by a social agenda rather than sound economics, forced this idiocy on the industry.
Sen. Chris Dodd recently compounded the idiocy when he declared that banks should not be allowed to require 5 percent down on a home purchase because it would prevent people from buying homes they could not afford.
Mr. Weisbrot also declares that long-term deficit problems are completely a result of our out-of-control health costs. Though there is some truth in this, it is a problem that can be solved by decreasing those expenses and will not be resolved by deficit financing.
On a personal or national basis you can not spend your way out of debt. We have little or no control over income, but we do have direct control over expenses. We just need the courage to exercise that control.
An analogy might be that if someone breaks a bone, it often needs resetting. If it isn't reset, it may never function properly or regain the strength it once had. The resetting process is unavoidably painful but necessary.
Our economy is broken and will not be reset by further deficit spending. We need to begin the painful and long process of reverting to sound economics of pay as you go and pay those you owe.