Filed under: Economics | Tags: Al-Jazeera, James Galbraith, Unemployment, University of Texas
University of Texas economics professor James Galbraith appeared on Al Jazeera today to discuss his vision for economic recovery. The first priority, said Galbraith, is to fill state budget gaps. While the concern over of the growing deficit and the national debt is important, ultimately, “unless they increase the scale of their effort, which means increasing the deficit and the debt in the short-runt, they’re not going to have a significant further effect.”
With unemployment at 10.2% and several states, including California, on the cusp of bankruptcy, swift action is urgently needed. Today’s White House jobs summit is a clear indication that the administration does not want to sit idly by as the economy deteriorates.
A second stimulus, though politically unpopular, would fill some of the holes not filled by the initial round of spending. Earlier in the week, Sen. Kent Conrad (D-ND) told The Free Republic’s Noam Scheiber that additional funding to states was on the table.
The Bureau of Labor Statistics will be releasing November unemployment numbers on Friday.
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