The U.S. economy's health has completely deteriorated. Our market activity and that of our major global trade partners has slowed significantly, leading to a decrease in U.S. exports and consumer expenditures. America endured negative growth in GDP down to -.03 percent in the third quarter. The unemployment rate grew at an alarmingly rapid rate in the last quarter. When the fourth quarter statistics emerge, the U.S. economy will likely be in a full blown recession.
Monetary policy is currently ineffective. The legislators must, therefore, take up the responsibility for boosting the economy, even if that means expanding the deficit.
Congress needs to send a stimulus check to each state government to prevent indispensable services from being cut, provide major middle-class tax relief to encourage consumer spending, and give tax breaks to companies that do not outsource domestic jobs overseas.
To prevent a return to the 1930s America needs to ride out the storm with an active Congress at the helm.