Former Labor Secretary Robert Reich explains in plain English why the current Obama-Republican tack will lead to failure:
He recently wrote: “The Fed has proven that almost-zero interest rates, even coupled with ‘quantitative easing,’ has little effect. … Big corporations already have all the capital they need, as does Wall Street, and wealthy individuals. Smaller businesses and average people can’t get capital because banks are reluctant to lend. So monetary policy won’t and can’t work. What’s left? Fiscal policy. President Obama and the Democrats have to go to the nation with the truth — that we need a large fiscal boost this year and next.”