What Summers means by "Human Recession" is simply known as a recession on "Main Street". Mountains of consumer debt will keep wallets tight while continued building of public debt in the form of stimulus packages will result in the Ricardian Equivalence (Ricardo-Barro effect), something that I have been harping on and which David Rosenberg recently acknowledged.
Can we really afford to be doing this? Our national priorities continue to point in the wrong direction, we must take care of "in-house" problems. Unfortunately by paring back our military presence, we would acknowledge that our time of military dominance is coming to an end.
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