Robert Reich on Ron PaulSubmitted by McClarinJ on Mon, 10/24/2011 - 03:51
The austerity death trap
Ron Paul is the latest GOP candidate to propose absurd budget cuts. The government needs to spend more, not less
BY ROBERT REICH, WEDNESDAY, OCT 19, 2011
Ron Paul’s newly-unveiled economic plan – promising to cut $1 trillion from the federal budget in year one (presumably that means 2013) – is only slightly more ambitious than what we’re hearing from other Republican candidates. They’re all calling for major spending cuts starting fifteen months from now.
What are they smoking?
Can we just put ideology aside for a moment and be clear about the facts? Consumer spending (70 percent of the economy) is flat or dropping because consumers are losing their jobs and wages, and don’t have the dough. And businesses aren’t hiring because they don’t have enough customers.