Stimulate or Lose the 2010 Midterms

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Thomas Ferguson is a political scientist and author who studies and writes on politics and economics, often within an historical perspective. He is a Political Science professor at the University of Massachusetts Boston, a contributing editor of The Nation, and is also the author of several books, the most recent of which is Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political System.

Back in April 2009 Ferguson was interviewed by Real News CEO Paul Jay, and at the time called the Obama/Geithner/Summers economic/stimulus plans a “recipe for disaster”.

Today, Ferguson again talks with Jay, and with the hindsight of the past 7 months now says that the stimulus program was far too small, a much larger one is still needed, and predicts that the Democrats must start a new jobs program to bring the economic growth to the bulk of the population or face losing badly in the 2010 mid-terms.



Real News Network – November 19, 2009

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    • Edger on November 19, 2009 at 6:33 pm
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    topped 12 trillion dollars.

    More of a stimulus can only add to an unsustainable situation, I think.

    I don’t know if I can agree with Ferguson today other than for short term relief… some fundamental restructuring of society and the economy is clearly needed, I think. I don’t pretend to have any good ideas on how to do it or what to do, though… do you?

    • Inky99 on November 19, 2009 at 6:43 pm

    I seriously do.  I think that the “balance” has been seriously screwed up because of Bush/Cheney, between the Repubs and the Dems.

    The last thing they really want is for the Repub party to die out completely.   What would they do then?  They would be obligated to actually follow through on “Democratic” reforms.

    And nobody wants that.   Nobody who’s really in charge.

    What they want is to always blame each other, and for that, they need a balance of power.

    So one of the jobs of the Dems since 2008 is to make sure the Repub party gets revitalized and doesn’t die out completely.

    I’m actually not being sarcastic or snarky here.

    Because the Repub party SHOULD be completely dead now.  After the last 9 years, there should not be anyone in America willing to even call themselves a Repub because of the sheer embarrassment factor.   The shame factor.  But no, the pros keep their jobs, the Dems are extra careful to NOT kill them off and to keep up the status quo.

    When the numbers don’t add up, you have enough Dems go “blue dog” to keep the system working and the status quo in place.

    Yes, there is no reason whatsoever for there not to be sweeping Democratic reforms in all walks of life.   Yet there is not.    Why?

    It’s no accident.  It’s not because of some “hidden” power of the Repubs.  It’s not because of any public mandate.   It’s because the Powers That Be are terrified of the Republican party actually going the way of the Whigs.

    Which is why we need new parties in this country.   They no longer have anything to do with any sort of Democracy.  They long ago quit actually representing the people in any way.   Their job, like the jobs of anyone in the corporotocracy who deals with the public, is propaganda, PR, and manipulation.

    It’s no accident that most of their interaction with us is now in the form of TV commercials.  

    • TMC on November 19, 2009 at 6:48 pm

    that a new stimulus bill will create more jobs is close the tax loopholes for companies that send jobs overseas. Just doing that would create revenue to partially cover a new stimulus aimed at creating jobs in this country. But, again Obama has reversed himself from promises made.

  1. what will be buhdy’s noontime “OPEN” today???? Open Wallet?!

  2. Edger, and someone linked to your essay at antemedius…user name vradul (is that you?)…should be getting some hits…thought you’d like to know.

    • dkmich on November 19, 2009 at 9:01 pm

    let me say that it’s a waste of money.  There is a whole new class of poor people thanks to the jobs they gave away.  The only good thing that could possibly result from all of this is that we kick all of the bums out and take the country back.  Also, a hex on you for luring me over to dkos to read this there.  Everytime I hear someone celebrate the destruction of the American middle class as good for the globe, I want to slap them.    

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