IMF Says Global Recession Will Be Long
In a report issued by the IMF on the state of world economies, they come to the conclusion that the global recession will last for years and are predicting worldwide growth to be negative for the first time in 60 years. The World Bank in a statement last week had the same basic conclusion. The IMF report points to Government Stimulus Spending as the medicine needed to soften the recession and prevent it from becoming an Economic Depression. The IMF and the World Bank are both of consensus that Central Government intervention is needed by every economically advanced economy to try to stem the damage of a long-lasting recession. The Obama Administration entered office with a seemingly clear understanding of the same recommendations as the world economists at the IMF and World Bank, yet let the Republican Senators bastardize the Stimulus Bill until it came out as a tax cut for the wealthy with little upfront spending. The watered-down version of the Economic Stimulus Bill did not receive ...