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Jobs More Important Than National Debt?

Sunday, March 10, 2013 - 9:05 PM
Nobel Prize-winning economist Peter Diamond says

     The United States faces an unemployment crisis that
     demands more immediate attention than the nation's
     debt problem...

     Diamond advocates more government spending on
     infrastructure, such as roads, schools, waterways,
     bridges, dams and aviation.  Such investment could
     "help growth and help unemployment and not hurt the
     long-term trend in the debt...

     "You have to give government enough money to do its
     job," he said, "and the income tax is the place to
     do that. Our rates are low."  To emphasize the point,
     he added: "I sure hope income tax rates go up, yours
     and mine. What this country needs to do cannot be
     done with the level of revenues we have now."

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No disrespect to his Nobel Prize but does this guy really know
what he's talking about?  At $16 Trillion plus and counting
his comments/implications about the impact of the debt seem
off base.
2
cumuluscumulus331 posts since
Jan 16, 2010
Rep Points: 1,560
1. Sunday, March 10, 2013 - 10:23 PM
Dear cumulus,

First of all - there is no such thing as "Nobel Prize in Economic", hence no such thing like a "Nobel Prize-winning economist".

Mr Alfred Nobel did not sanction a Prize in Economic at all.  The prize often referred to as "Nobel Prize in Economic" is not really that.  The full/true/complete name is something other than that actually. (Look it up if you wish.)

Now coming to the comments of Mr Diamond you've quoted ... I agree with these comments ... Both on spending to counter unemployment and for raising the taxes.

Yours Truly,

- Anonymous
3
ytytytytytytytyt158 posts since
Jan 28, 2013
Rep Points: 623
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