Max Baucus: “President John F. Kennedy said: There are risks and costs to a program of action. But they are far less than the…”

“President John F. Kennedy said: There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction. President Kennedy's observation applied well to the economic policies of the late 1920s and 1930s. When we look back at the late 1920s and early 1930s, we wonder what our leaders must have been thinking. With the benefit of hindsight, we see that they should have acted more forcefully. We see they should have used the tools of government to increase the demand for goods and services in the economy. By failing to act to spur demand, our leaders prolonged the Great Depression. By seeking to balance the budget in the face of economic decline, our leaders only worsened that decline. President Kennedy's adage about action applies as well again to the economic policies of our time. Yes, there are risks and costs to the bold program of action we recommend today. But those risks are far less than the long-range risks and costs of failing to act forcefully. Since this recession began, 3.6 million Americans have already lost their jobs, and job loss is accelerating. In each of the last 3 months, more than half a million American workers lost their jobs. Economists warn that the worst is yet to come.”