Smart Read

The Way Out

Now that the election’s over, and Obama has declared his family’s puppy-purchasing plan, there’s nothing left to distract us from the dismal economic future. Former Clinton labor secretary and Berkeley professor Robert Reich provides a quick summary of the extent of our problem (no one is buying anything), and suggests a way out (the government should start spending like crazy). Reich thinks we should regard the Treasury as “the spender of last resort.” As cash strapped consumers are pulling back to bare necessities while the value of their investments sink, Reich says it’s time for the government to step up.