Nobel economics laureate Paul Krugman believes America is far worse off than most politicians will admit. In my limited study of economics in college, I even learned that deflation is one thing a nation must avoid. While right wing economists and stupid clown naysayers like Rush go on about government debt and spending, we are on the verge of sinking into a very large hole. I urge you to read all of Krugman's column. Here is just a bit of it:
If you want this economy turned around sooner rather than later, call your Senators and Representative. Leave a message with the aide who answers that you want your elected representatives to vote for the economic stimulus bill. I did this last week even though my Senators and Representative are Limbaugh sycophants. They still need to hear other views. Do it NOW.
...a number of economists, myself included, think the plan falls short and should be substantially bigger. But the Obama plan would certainly improve our odds. And that’s why the efforts of Republicans to make the plan smaller and less effective — to turn it into little more than another round of Bush-style tax cuts — are so destructive.
So what should Mr. Obama do? Count me among those who think that the president made a big mistake in his initial approach, that his attempts to transcend partisanship ended up empowering politicians who take their marching orders from Rush Limbaugh. What matters now, however, is what he does next.It’s time for Mr. Obama to go on the offensive. Above all, he must not shy away from pointing out that those who stand in the way of his plan, in the name of a discredited economic philosophy, are putting the nation’s future at risk. The American economy is on the edge of catastrophe, and much of the Republican Party is trying to push it over that edge. [NY Times]