Three economists who during the Bush-Cheney years became political-economic pundits of sorts are sounding the macro-economic alarm, and we all need to listen.
As President Obama turns the political focus onto “jobs, jobs, jobs,” Joseph Stiglitz, Simon Johnson and Paul Krugman warn of a “enormous catastrophe” (Johnson), and real-economy circumstances about which economists are “almost universally pessimistic (Nobel Laureate Stiglitz).”
One understands the political imperative of not placing all bets [political-economic initiatives] on a single swing when mainstream Republicans will happily court more catastrophe if they can garner a political advantage out of the rubble, but Obama needs to swing for the fences and follow the advice of another economist, Nobel Laureate Krugman, who warns that “2010 [may] be a year that began in false economic hope and ended in grief.”
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