Tom Harkin: “we have reached a point of maximum danger--maximum danger--in our fragile economic recovery. We are mired with the most…”

“we have reached a point of maximum danger--maximum danger--in our fragile economic recovery. We are mired with the most protracted period of joblessness since the Great Depression. Businesses are reluctant to invest and hire for the simple reason there is not sufficient demand for goods and services, largely because--why--so many people are unemployed, 20 million. People are mired in debt. Even those who are working are insecure about their employment. So for most Americans in the middle class and lower income, this is still a deep recession. I have come to the floor repeatedly in recent weeks to warn against the folly--the folly--of Washington's current obsession with making immediate Draconian cuts to the Federal budget, something that by its very nature will drain demand, reduce growth, and destroy jobs. The Federal Reserve Board Chairman, Ben Bernanke, warned just last week: In light of the weakness of the recovery, it would be best not to have a sudden and sharp fiscal consolidation in the very near term. It would be a negative for growth. Here in the Washington bubble, many--especially those on the opposite side of the aisle--have persuaded themselves that the biggest issue is the budget deficit. But outside the beltway, outside Washington, Americans are most concerned with a far more urgent deficit: the jobs deficit. I am also concerned about a third deficit that I think we have: a deficit of vision.…”