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October 31, 2008

Comments

Good points. I think Kevin Drum also published that chart recently. I hope that help comes in time to the many needy people out there.

I don't expect much from this administration though.

It was a little depressing watching/listening to the Joint Economic Committee hearing yesterday with Roubini and Simon Johnson (MIT/Sloan) and see them so direct and sensible, but very few Dems even there (Schumer in particular) and have to listen and relisten to the slow and patient explanations as to why corporate/private/personel segments are and will be tapped out and how a targeted spending program by gov is the only thing that will keep things from really tanking - all while the Republicans spun out nonsense like "uh, deflation is a good thing cuz stuff will cost us rich guys less" without ever seeming to process the recession issues and the size and magnitiude of those issues. Johnson and Dr. Doom were both so very worth listening too. It's too bad we don't hear enough of that kind of discourse.

If the temporary payroll tax holiday increased GDP by more than the tax revenue loss, then Obama's payroll tax expansion will presumably decrease GDP more than the revenue gain (tho not necessarily by the same ratio). That may be a worthwhile trade-off for improved funding of entitlements -- but perhaps not this year.

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