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Can A Tax Credit For Employment Growth In 2009 And 2010 Restore Animal Spirits And Help Jump Start The Economy?, John H. Bishop
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[Excerpt] In the last three months employment declined by 1.2 million jobs and the number of part time workers who want but cannot find full-time work increased by 1.5 million. We are in a downward spiral that John Thain of Merrill Lynch predicts will be compared with 1929-33. Economists of all stripes (eg. Martin Feldstein, Larry Summers, Nouriel Roubini, Edmund Phelps, Paul Krugman, Brad Setzer) are recommending a massive temporary fiscal stimulus of 4 percent of GDP or more. Investments in infrastructure, renewable energy, and energy efficiency are preferred because they raise future productivity. Many worry, however, that ...