Professor at UMass explains how deficits were deliberately created [View All]

in order to "starve the beast" and slash social programs -- and how we could reduce the deficits without hurting social programs if that was our goal.

I found myself trying to explain this to my son yesterday, with difficulty, so I went online to see who could do it better. This economics professor speaks in the second video on the page.

http://impactglassman.blogspot.com/2011/05/history-of-how-rich-have-deliberately.html

Bio

James Crotty is a Post-Keynesian macroeconomist whose research in theory and policy attempts to integrate the complementary analytical strengths of the Marxian and Keynesian traditions. He received his Ph.D. from Carnegie Mellon University in 1973, and after teaching at the University at Buffalo and The State University of New York, he joined the Economics Department of the University of Massachusetts Amherst, Amherst. He has made contributions to the social structure of accumulation (SSA) theory; the implications of radical uncertainty for macro theory and theories of financial markets.