SantaDora
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- Dec 7, 2011
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Romney likes to say that "Europe isn't even working in Europe". He's right when it comes to European countries who have tried austerity. Countries that have used stimulus have been fine. And among the most fine are the most "socialist" - particularly Sweden. And Paul Krugman has been saying all along that what was wrong with the stimulus was that it was too small.
In other words: what barfo said.
I am a big believer that the stimulus plan, while far from perfect, was the best option at the time - and all you have to do is compare Japan of the 90s (after the boom busted) to Japan of the 2000's - the first did not have any stimulus, had high interest rates and is basically called the "lost decade" - in 1998 they had a huge stimulus package and by 2003 (5 years after) the economy started to recover. This is exactly what we are seeing now, the US economy starting to recover after 5 years from the original stimulus (I am starting the stimulus with Bush's last year in office when he stated taking some steps in this direction).
These were tough 5 years - but it is much better than the alternative - losing a decade+ as the Japanese did.
I also believe that the Obama administration, despite the tough conditions, has shown more long-term thinking than we have seen since the Clinton days - with emphasis on energy research and efficiency, big-data movement - including making tons of government data available for everyone and tech and start-up friendly legislation.
I am not a fan of the relative lack of punishment to the financial sector and at times Obama seemed to try to please everyone instead of going with what he said he would do - which would have probably worked better - but if the option is Obama or Romney, it has to be Obama for me - I just do not think this country needs a banker to lead it.
