The Recession Returns

Robert Borosage

Zero — nada — 0 — jobs added in August. Hourly wages down. Average work weeks down. The recession returns.

This was predictable and predicted. Conservatives — in both parties — have it wrong once more. Government cuts in a weak economy cost jobs and sap growth. Expansive austerity is an oxymoron. Enough.

We are looking at a decade of mass unemployment, rising poverty and increasing misery. A generation of young people will be sacrificed to the folly of bad ideas and broken politics.

The U.S. is now being paid by investors to hold their money. That’s right, the U.S. can now borrow money at an interest rate that is less than the rate of inflation. It is utter idiocy not to grasp this opportunity to borrow money to invest in areas vital to our future and put people to work. Rebuild our decrepit infrastructure. Don’t cede solar and wind and the green industrial revolution to the Chinese. Invest in building the finest public education in the world — or at least stop laying off teachers and hiking college costs.

And could the dons, charlatans, fools and poseurs who got this wrong once again please not be put on TV to tell us what we should do in the future? We’ve had enough denial for one recession.

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