In this CNN poll. Well, Americans are smarter than Yglesias believes, but that is a low barrier.
My personal experience is that the ARRA causes paranoia, because when they are outside on my street digging things up, I have the fear they will knock on my door for a paycheck. You see, here in Fresno California, in this neighborhood, about 2 out of 3 households rely on a government check. I know, I keep count, and we all see the aggressive and desperate nature of public employee unions.
Senator Reid wants a quid pro quo from the Fed before Ben gets his vote. The states want a federal handout to stave off bankruptcy, of which over half are at risk. Goldman Sachs has developed a production system to pass around excess short term debt, while Ben promises to keep negative interest rates to generate raw material.
The Republicans are no help, they just want to run up long term debt to even higher levels.
DeLong thinks we can still separate the near future from the far future, explaining that we can afford higher short term deficits. Unfortunately, the elections upcoming have combined the near and far term. The debt issue is today.
Obama, Reid and Pelosi cannot get the message, they are blocked from it. The future repeats itself, and the message becomes clear when the alternative is a big spending Republican Congress.
What is a poor citizen to do when the socialists comes knocking for their paycheck? I don't have the money, and if I had it, I would have hid it long ago. I am given the choice between Socialists hunting me down for paychecks, and Communists foisting bad paper on foreigners. The temptation will be for voters to try to sneak the Republican fraud machine into Congress, for a little breathing space. Foreign investors are a bit smarter about not repeating the past than Barak, and I fear a return to Republican deficit spending will cause collapse.
Maybe the best bet is to stay on the knife edge of political uncertainty.
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