The first 3 years of Obama's presidency has been a repeat of the Hoover years, i.e. lots of words about the economy being "sound" and hopeful words about the "recovery is underway", and a call for the "sensible" policies of austerity.
Here is a discussion of the current situation from Thomas Ferguson, American political scientist and author who studies and writes on politics and economics, often within a historical perspective as a political science professor at the University of Massachusetts Boston and a member of the advisory board for George Soros' Institute for New Economic Thinking. He is calling for the FDR solution, a big jobs program like the WPA:
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