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Thursday, December 17, 2009

What's the "right thing to do?"

From a report by a major global financial firm:

The U.S. House of Representatives narrowly approved a $155 billion measure that seeks to create jobs and blunt the impact of the worst recession since the 1930s. By a vote of 217 to 212, the House approved additional spending for "shovel-ready" construction projects and money to avoid layoffs of teachers, police and other public employees. U.S President Barack Obama said that raising taxes or cutting spending would be the "wrong thing to do" next year when the U.S. economy is still fragile and this would be reflected in his budget plan and State of the Union speech. OK, but what is exactly is the ‘right thing to do’ when thebalance sheet of the Fed looks like a volcanic eruption?

On a totally unrelated issue, does it seem to you that teachers, police and public employee workers are going to be working at "shovel ready jobs?"

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