350 Economists Warn President and Congress: Bad “Grand Bargain” on Deficits Could Kill Recovery.

Economy Needs Growth and Jobs, Not Austerity

 Washington, DC – 350 prominent economists issued a statement on Wednesday warning that “the fragile recovery is threatened by obsessive concern with cutting deficits that has infected both parties.”  The economists from universities and research groups across the U.S. and the world reminded politicians that the U.S. economy in the post-election period is still “marked by mass unemployment, rising poverty, and declining wages.”  And they warned that big spending cuts aimed at reducing deficits could throw the economy back into recession.

Their statement, called Jobs and Growth, Not Austerity, was written by Robert Borosage and Roger Hickey, co-directors of the Institute for America’s Future and by Robert Kuttner, founder of The American Prospect.

The statement and signers can be found at jobsnotausterity.org.

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