Tuesday, January 24, 2012

It's the demand, stupid...

Former Treasury Secretary Larry Summers at Financial Times:
Government has no higher responsibility than insuring economies have an adequate level of demand. Without growing demand, there is no prospect of sustained growth, let alone a significant fall in joblessness. And without either of these there is no chance of reducing debt-to-income ratios...
The best chance for economic recovery involves governments working directly to increase demand and to augment business confidence.

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