Bob Cesca asks for a reality check:
When has deficit reduction ever stimulated economic growth during a difficult recovery, and especially considering the disturbing economic indicators we’re experiencing today (sluggish GDP, high unemployment, housing crisis, etc)? Never. In fact, the next nearest example — the conservative budget cuts of 1937 during the recovery from the Great Depression — damned us to another major recession, which spiked unemployment by nearly 10 percentage points and required another three years for the economy to return to its pre-austerity levels.
(image shows per capita real gdp during the great recession)
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.