Political Quotes

“We are approaching the deadline for the supercommittee to propose a debt reduction plan. Most economists are in agreement on what we need to do: in the long term, reduce the debt by at least $4 trillion over 10 years through a mix of added revenue and reduced spending. And in the short term, make immediate investments to create jobs and to reduce unemployment. I encourage the supercommittee not to ignore the second of those priorities because now is the perfect time to create jobs by making large-scale investments in American infrastructure. Since World War II, every economic contraction was followed by a period of economic expansion; but although economists tell us the recession has ended, we have had no economic expansion. Unemployment remains at 9 percent, and economic growth is projected to be moderate at best. The reason our economy is taking so long to recover is because this recession was more severe than any since the Great Depression, something that seemingly few in government, finance, or academia realized at the time. Because of the historic severity of this recession, American households, local and State governments--even European governments-- find themselves in debt like never before. Consequently, consumer demand is and will be depressed while households and governments reduce spending. And when demand falls, businesses don't hire. It is that simple. Some believe this period of decreased demand will last 5 to 7 years.…”