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False Profits by Dean Baker

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FIVE

Stimulus: It Is Just Spending

When the economy began to deteriorate more rapidly following the financial panic in September 2008, the economy's desperate need for another dose of stimulus became increasingly clear. And although the economy had been shedding jobs since December 2007, the rate of job loss quickened following the collapse of AIG and Lehman. The economy lost 380,000 jobs in October and another 1.3 million in November and December. The unemployment rate hit 7.2 percent in December 2008, a full percentage point above its September level.

While the economy was deteriorating, Washington was largely paralyzed because of the election. ...

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