A recent article by Robert Reich suggests what every layperson can see.
More austerity will drive us deeper into recession.
We shouldn't confuse balancing the books with crippling the world economy.
http://robertreich.org/post/9142270982
"Repeat after me: Workers are consumers. Consumers are workers."
"Every CEO of every company that continues to squeeze payrolls (Verizon, are you listening? Ford?) needs to understand they’re shooting themselves in the feet. Where do they expect demand for their products and services to come from?"
"They’re doing the reverse of what Henry Ford did back in 1914 – paying his workers three times what the typical factory employee earned at the time. The Wall Street Journal called his action “an economic crime” but Ford knew it was a cunning business move. With higher wages, his workers became his customers, snapping up Model-Ts and generating huge profits."
More austerity will drive us deeper into recession.
We shouldn't confuse balancing the books with crippling the world economy.
http://robertreich.org/post/9142270982
"Repeat after me: Workers are consumers. Consumers are workers."
"Every CEO of every company that continues to squeeze payrolls (Verizon, are you listening? Ford?) needs to understand they’re shooting themselves in the feet. Where do they expect demand for their products and services to come from?"
"They’re doing the reverse of what Henry Ford did back in 1914 – paying his workers three times what the typical factory employee earned at the time. The Wall Street Journal called his action “an economic crime” but Ford knew it was a cunning business move. With higher wages, his workers became his customers, snapping up Model-Ts and generating huge profits."