Why Bother Working?
“What Robert Reich and people like him are saying is that working in productive employment is not at all necessary. To follow his logic to the fullest extent, we should just have people save gas and stay home. The government could borrow and/or print money, then send it to foreign countries that are dumb enough to produce goods and services for U.S. consumption.
In the NYTimes financial section former Chair to Obama’s Council of Economic Advisors, Christina Romer, opined on the lessons to be learned from the Great Depression saying, “It would be a mistake to respond by reducing the deficit more sharply in the near term. That would almost surely condemn us to a repeat of the 1937 downturn.”
According to Romer and Reich, what the U.S. needs is an immediate dosage of inflation and debt. These Keynesian “cures” of endless inflation and debt to fix our economic malaise are offered because there is a profound lack of understanding of what causes a depression in the first place.”