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Even more, income growth at a sufficiently rapid pace to get lower and middle income class Americans out of our economic situation based on the Old Energy Economy would risk another oil price shock, either via global oil demand or via a collapse of the US$.

This is the foundation of my argument for what I have been calling a "Brawny Recovery", a slower, income-led economy founded on restoring US public infrastructure investments to pre-Reagan norms while focusing the investment in building up capacities in the New Energy Economy to support complementary private investment in associated productive capacity.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Aug 21st, 2009 at 12:53:39 PM EST
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