Quote:
Originally Posted by Baraka_Guru
Obama's current goal is not to reduce the debt. He was upfront about his goal from the beginning: managing economic crisis.
It requires a bit of a different strategy than does a strategy for debt reduction. Really.
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Absolutely.
In the short term, the priority was preventing a further recession/depression. Most economist shared the opinion that deficit reduction had to be temporarily put aside, while disagreeing on the specifics of a ""stimulus" (conservatives wanted more "trickle down" tax cuts instead of spending).
And in the long term, many recognize that economic growth will depend on a new strategy and not just restoring an old economy.... in large part on investing in innovation and being a leader in developing and advancing new technologies...ie, national broadband network, clean/renewable energy technologies - the next global industry in which the US has already fallen behind, cutting-edge health technologies, etc.
You have to spend money (govt investment) to make money....govt investment in emerging businesses/industries has always been the norm....from the industrial revolution, the creation of the railways in the 19th century to the aerospace industry and the computer age of the 20th century.
And, most also accept the value of investing in people.... that government has a viable role in providing a temporary safety net for those who, for short periods of time, have fallen through the cracks.