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That strangely mixed picture leaves Summers and every other Obama adviser with an excruciating call to make the next time they head into the Oval Office. Is the U.S. on a firm path to recovery — one that just needs more time to play out? Or are we trapped in the doldrums, perhaps en route to a lost decade like the one Japan had in the 1990s? Worst of all, could we be headed for a terrifying reprise of 1937, when a U.S. economy fighting its way out of the Great Depression crashed a second time, requiring the massive industrial effort of World War II to rejuvenate it?
this is the problem with big government types. big spending can only help for a short period of time, but the money has to be spent in the right areas. but until we encourage business to expand, and until we get new businesses to start up, this economy will not turn around.
Japan also has a much older population and negative population growth rate. And we are at war, but that has failed to stimulate the economy. The stock market already had a lost decade.
I think it depends if the {R} regain the House and if they are going to be conservative or return to their big spending neo con ways.Are they going to abide by pay/go?Are they really going to try to down size the gvt?Are they going to bail out the states? If Obama veto's their bills because of too much cutting and there is a gvt shut down will they bend over like they did for Clinton?
There is going to be a enormous amount of pressure if the {R} take away all the props and if they do UE will rise.
On the other hand if we keep spending we will one day see big time inflation but if we get it under control the best we can hope for is a lost decade or a return to the 70's.
When Japan tried to spend its way out it didn't work either. Obviously the Obama administration didn't learn from history.
Yip we can inflate our way out or we can write off our way out or we can pretend that we can carry 350% of GDP worth of debt in this nation.
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