Krugman says world avoided second Great Depression
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KUALA LUMPUR, Malaysia (AP) -- Aggressive stimulus spending by governments helped the world avoid a second Great Depression but full economic recovery will take two years or more, Nobel Prize-winning economist Paul Krugman said Monday. (http://finance.yahoo.com/news/Krugman-says-world-avoided-apf-3573814253.html?x=0&sec=topStories&pos=main&asset= &ccode= - broken link)
So awesome. Claiming credit for stopping something that is impossible to measure. Yes, he saved us! From what? How do we really know he saved us? SHhhh....don't ask questions - the Government knows best!
So awesome. Claiming credit for stopping something that is impossible to measure.
Hmmmm. What is so impossible to measure?
The Center on Budget and Policy Priorities called Virginia a stimulus success story. Its study showed that the federal money had closed 37 percent of the state's budget gap. That allowed mental hospitals to remain open and held down tuition increases at state colleges and universities, saved the jobs of more than 300 sheriff's deputies, and avoided deep cuts in budgets for public schools and Medicaid health services for the poor.
"The federal aid is arriving at a crucial time," said the study, which said every $1 of federal aid to states produces $1.36 in increased economic output.
Stimulus package being felt in Va. | Richmond Times-Dispatch (http://www2.timesdispatch.com/rtd/news/state_regional/article/STIM31_20090530-221016/270961/ - broken link)
The Center on Budget and Policy Priorities called Virginia a stimulus success story. Its study showed that the federal money had closed 37 percent of the state's budget gap. That allowed mental hospitals to remain open and held down tuition increases at state colleges and universities, saved the jobs of more than 300 sheriff's deputies, and avoided deep cuts in budgets for public schools and Medicaid health services for the poor.
"The federal aid is arriving at a crucial time," said the study, which said every $1 of federal aid to states produces $1.36 in increased economic output.
Stimulus package being felt in Va. | Richmond Times-Dispatch (http://www2.timesdispatch.com/rtd/news/state_regional/article/STIM31_20090530-221016/270961/ - broken link)
none of those so-called improvements generate any future cash flow. those all just go to contribute to existing programs, so we are going further into debt to just maintain the status quo. i see no positive long term prognosis for that type of spending!
The Center on Budget and Policy Priorities called Virginia a stimulus success story. Its study showed that the federal money had closed 37 percent of the state's budget gap. That allowed mental hospitals to remain open and held down tuition increases at state colleges and universities, saved the jobs of more than 300 sheriff's deputies, and avoided deep cuts in budgets for public schools and Medicaid health services for the poor.
"The federal aid is arriving at a crucial time," said the study, which said every $1 of federal aid to states produces $1.36 in increased economic output.
Stimulus package being felt in Va. | Richmond Times-Dispatch (http://www2.timesdispatch.com/rtd/news/state_regional/article/STIM31_20090530-221016/270961/ - broken link)
Thank god for government saving government.
All praise.
The Center on Budget and Policy Priorities called Virginia a stimulus success story. Its study showed that the federal money had closed 37 percent of the state's budget gap. That allowed mental hospitals to remain open and held down tuition increases at state colleges and universities, saved the jobs of more than 300 sheriff's deputies, and avoided deep cuts in budgets for public schools and Medicaid health services for the poor.
"The federal aid is arriving at a crucial time," said the study, which said every $1 of federal aid to states produces $1.36 in increased economic output.
Stimulus package being felt in Va. | Richmond Times-Dispatch (http://www2.timesdispatch.com/rtd/news/state_regional/article/STIM31_20090530-221016/270961/ - broken link)
That's great (disclosure: I benefitted from the same thing in MD) but what happens next year when tax revenues still aren't up to expenses? The stimulus was supposed to be used for shovel ready capital projects. By using it to cover current recurring costs such as wages you saved government jobs but haven't really put any private workers back to work on the infrastructure projects that it was to be used for. Here's what will happen: the hard decisions have been postponed until next year and it promises to be a bloodbath.
And contrary to most of the participants here I'm involved in making these decisions.
Seems a reasonable proposition at this point. We seem to be at about the bottom of the cycle and leading indicators such as the stock market are up sharply. While he fumbled around a lot and as Republicans are want to do helped his friends along the way, some significant credit should go to Paulson as well. Having the financial system crater would have been disastrous.
This hype is for the amateurs not the professionals.
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