What amazes me is that with all the hubris shared by these economic “experts” such as Ben Bernacke, Tim Geithner, Larry Summers and others, why aren’t they even entertaining the idea of how history will treat them in the future. The facts from the Great Depression are there in black and white, when the government grew prematurely anxious about deficits, while the recovery was still fragile, and began spending cuts, the economy went back down and they lost whatever positive steps that they had gained. It was only through massive spending (WW2) that we were able to grow our way out of the hole. The end of any stimulative effect of the 800 billion spending package has produced exactly the same effect as it did in 1937, yet our experts refuse to learn from the past and are engaging in supply side economic theory that makes no sense. In history books down the road, they will be twice as derided for ignoring the history of the Great Depression 1 and the road map to bringing the country out of it. Apparently, this too has eluded them.
Read the Article at HuffingtonPost