Republicans vote for 2nd Great Depression

[Joanne98]

Do you think the economy is in bad shape right now? Well, just wait, because here comes the double dip. It’s 1937 all over again, and we are about to head into a 2nd Great Depression, because we refuse to learn from history.

In 1937, with America recovering from the Great Depression, FDR bowed to pressure and reduced spending to balance the budget. The economy fell back into free-fall, and didn’t recover until World War II. For those of you looking for a quick explanation of what happened in 1937 (and what’s happening today), Paul Krugman explained the problems of a liquidity trap over a year ago —  how relenting on stimulus too early hurt us during the Great Depression, and how it will hurt us today.

That brings us up to today, and Republicans’ successful effort to kill a bill that would have extended unemployment benefits and tax credits aimed at economic stimulus. Now, I’m not arguing that defeating this one single bill is going to bring about a 2nd Depression. What’s more important is that the Republicans seem to have won the argument over whether we should pay more attention to the economy or the deficit. Just like in 1037, Congress has apparently bowed to Republican pressure and come to a consensus that the deficit is more important.

http://mnpublius.com/2010/06/republicans-vote-for-2nd-great-depression/

[Bitwit1234]

1. And other than sites like this

who knows that not passing the unemployment bill, with the other actions, is the republicans fault. Most of the news and press blame the Democrats because they couldn't get the 60 votes.