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OpEdNews Op Eds    H3'ed 3/3/13

Austerity When Stimulus Is Needed

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Austerity When Stimulus Is Needed


Spending, not cutting, is needed.

by Stephen Lendman

On December 31, 1933, The New York Times published John Maynard Keynes "Open Letter" to Franklin Roosevelt. 

On November 25, 2008, the London Guardian republished an abridged text. It urged:

  • "spend, spend, spend;"
  • supply "cheap and abundant credit;" 
  • stress "speed and quick" recovery; reform can come later;
  • focus on "increas(ing) the national output," boosting purchasing power, and "put(ting) more (people) to work;"
  • "increasing aggregate purchasing power is the right way to get prices up and not the other way around;"
  • undertake "a large volume of loan expenditures under government auspices;" at the same time, work cooperatively with business; and

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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