| Krugmans says: "The clear and present danger to recovery, however, comes from politics -- specifically, the demand from House Republicans that the government immediately slash spending on infant nutrition, disease control, clean water and more. Quite aside from their negative long-run consequences, these cuts would lead, directly and indirectly, to the elimination of hundreds of thousands of jobs -- and this could short-circuit the virtuous circle of rising incomes and improving finances... Over the next few weeks, House Republicans will try to blackmail the Obama administration into accepting their proposed spending cuts, using the threat of a government shutdown. They'll claim that those cuts would be good for America in both the short term and the long term.But the truth is exactly the reverse: Republicans spending cuts that would undermine America's future." |
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