Peter Cooper — It Doesn’t Have To Be This Way

There is really only one other employer capable of stepping up to the plate when the private sector is in the doldrums: the government. And there is really only one entity that can gift us extra spending money: the government. As far as large customers go, there are two that can partly take our place in the market. One is the government through public consumption and investment. The other is the “rest of the world”. Foreigners provide a market for our exports. This looks promising until it is realized that not every country can rely on export demand to trade themselves out of trouble. The exports of one country are the imports of another. For the world as a whole, there is no net impact on demand or employment.

heteconomist
It Doesn’t Have To Be This Way
Peter Cooper