According to a report today from Jeanne Sahadi of CNNMoney, the current Federal Reserve Chairman Ben Bernanke is calling for a second "economic stimulus package". The aim is to restart the economy by encouraging spending. You can read the report HERE.
But such a plan is stupid when the nation's economy is mostly rebuilt on a service industry basis. As my colleague Prof. John Medaille at The Distributist Review pointed out, one can grow an economy only by growing, mining or making things. Thanks to pro-"free trade" fanatics running both parties in Washington, D.C., big businesses were given incentives to relocate outside the U.S.A. So with any stimulus monies given, they would only flow out of the country, not circulate within. The money would go to buy foreign-made products, not domestic ones.
Whatever form such a stimulus plans takes, whether Democrat or Republican, it will not help in the long run if current situations still apply.
Which means we Distributists have to encourage a rebuilding of the country's manufacturing base...but on a small business and worker-owned and managed cooperative basis. And the politicians in D.C. need to renounce "free trade" policies that have helped to bring us to the economic nightmare we're living in now.
Tell your Congressman and Senators to vote "NO" on the second stimulus plan until they put in policies to bring the factories home NOW.
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