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Robert Reich: Government Must Spend More to Get Out of Debt

By Doug Powers  •  September 1, 2011 04:39 PM

**Written by Doug Powers

You’ve heard of Keynesian economics, but this repeated call for increasing the debt in order to lower the debt is more closely related to the Keynesian model’s modern-day successor, the “Facepalmian” economic theory, to which Joe Biden and many others also subscribe.

Transcript of former Labor Secretary Robert Reich on CNBC from Real Clear Politics:

“The only way to restart not only jobs, Simon, but also economic growth, which is terribly important for every purpose including deficit reduction. the only way we’re going to get the deficits and long-term debt under control is if we get back growth. The only way to get back growth is for government to be this spender of last resort.”

AFL-CIO President Richard Trumka agrees and has such an appetite for yet another stimulus that his salivary glands are working overtime even though that’s not allowed in their contract. But something in the back of my mind tells me these “huge government spending programs” were tried not long ago and didn’t work so well.

Click the pic of Reich (lower left) with President Obama to roll tape:


**Written by Doug Powers

Twitter @ThePowersThatBe

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Categories: Barack Obama, Donald Trump, Media, Media Bias