European contagion not far from U.S.
Lewis DiuguidThe climbing jobless rate in Europe is likely to wash onto American shores soon as the recession in the eurozone keeps spreading.
Budget cutbacks and other austerity plans in Europe are contributing to a consumer retrenchment, slowing European economies and raising unemployment rates.
Republicans are pushing for austerity in the United States. Bad plan.
If that takes hold, expect the jobless numbers due out on Friday to start trending higher, following the double-digit numbers in many European nations. This country needs to have more stimulus money injected into the U.S. economy, not less.
Phil Cardarella
1 year agoPoor Krugman! Talk about a Nobel Laurate Prophet without honor in his own country!
The governments of the world — including our own — have conducted an economics seminar on how not to recover from a deep recession — and maybe create a depression. It is as if Herbert Hoover was reincarnated in power across the Western World.
The sad thing is that what is needed is not paying guys to dig unnecessary wholes — although that would be smarter than what we are doing. We have a decaying infrastructure. We have a collapsed space program. We need to develop renewable energy sources. We actually have things to do that a great nation must do.
But, alas, a great nation must have the will to be great.