Friday, October 03, 2008

my Cassandra impersonation, once again

Well I predicted it a couple of months ago, and now I see Paul Krugman agrees with me - the ultimate solution to the growing economic crisis will be a jobs program:
We also desperately need an economic stimulus plan to push back against the slump in spending and employment. And this time it had better be a serious plan that doesn’t rely on the magic of tax cuts, but instead spends money where it’s needed. (Aid to cash-strapped state and local governments, which are slashing spending at precisely the worst moment, is also a priority.) Yet it’s hard to imagine the Bush administration, in its final months, overseeing the creation of a new Works Progress Administration.

But I guess Paul Krugman must feel like Cassandra too - he was warning about the housing bubble for over a year before it burst.

the rest of the Krugman article

Cassandra who?