Today, we face a similar crisis. The Obama administration is wisely applying New Deal tactics with its stimulus package of $750 billion. The Great Recession would be worse without it. Meanwhile, what is California doing? The governor and Legislature are applying the same tactics as Hoover, the state’s onetime favorite son. They are balancing the budget by cutting spending. It is a formula for disaster. The results are the same as they were in Hoover’s time: making the Great Recession worse. Cities, counties, schools and universities are laying off workers, cutting expenditures and charging more, thereby raising unemployment and reducing consumer spending.

Read full article [here].
by Richard Walker and Gray Brechin, The San Francisco Chronicle.

Posted: November 22nd, 2009, by: admin. Categories: . Awaiting Comments.