Like many other economists Dean Baker laments the fact that the debt limit brouhaha has completely taken over Washington's attention. In essence he says, "It's the economy, stupid." Here's a rather interesting observation from his article:
There was another interesting item in the revised data. It showed that the economy was plunging even more rapidly than we had previously recognised in the two quarters following the collapse of Lehman. Yet, the plunge stopped in the second quarter of 2009 – just as the stimulus came on line. This was followed by respectable growth over the next four quarters. Growth then weakened again as the impact of the stimulus began to fade at the end of 2010 and the start of this year.
But, hey, our genius leaders know that this 'solution' to our debt problems will return us to a growing economy. Now we will see these words from Hair become reality:
When the moon is in the Seventh House
And Jupiter aligns with Mars
Then peace will guide the planets
And love will steer the stars
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