Sweet Christ Leach Kicks Ass

Now comes the 7 years of lean. As I understand received wisdom, from Academics and Economists who have studied the Great Depression, what went wrong during the Depression years was that the Government had cut back spending just when it needed to step in to boost the economy. Based on this understanding, most economists I’ve read have recommended that spending be boosted up since 2008 – when Lehman brother was happening and your entire economy was in shock. Perhaps due to this spending, the unemployment is only 10% and not the 25% as it was during the depression years.
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