The 'permament boom' is ending: What's next?
bergen.com
<< What should be done? First, the Federal Reserve should cut interest rates now, and substantially, to help relieve the Asian crisis, the high dollar and the household debt burden. A sharp rate reduction would also buy time for other measures.
Next, Congress should raise the minimum wage. This would raise personal income where it matters most -- for low-income working people, many of them women.
Finally, the benched giant of our economy, the federal government, needs to get in the game. Almost uniquely in the postwar years, the government has so far played no role in this expansion. Now, a program of new public spending -- on schools, universities, libraries, parks, museums, the environment, transportation, housing and the cities -- is what we need to keep private business humming. With the budget in surplus, why wait until unemployment rises? >>
Yeah, right! Let's print money.
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