The unemployment rate remains above 7% and quarterly growth has averaged under 3% in recent years. At the same time, the government enjoys record low borrowing costs of under 2% for 10-year bonds. This is not the time to follow in the footsteps of the British government's failed austerity policy, it is the time for another round of stimulus to get people back to work and get the economy growing at speed so that the Federal Reserve can lift the interest rates above the zero lower bound. Forget cutbacks, let's spend more money!
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