Nigeria: Why Country Needs Expansionary Macroeconomic Policies (I)

opinion

In 2009, President Obama signed a large stimulus bill into law. Not only to halt the recession, but also to put the economy on a faster growth lane with jobs. The American economy recovered so phenomenally. With an amazing number of jobs added monthly as a result, the Eurozone economies seemed to be in deeper recession with millions of jobs lost.

With such unheard-of 12.6 percent unemployment, the now unproductively debt-ridden continent has come to its senses even though belatedly. Now so determined to abandon austerity policies, European leaders like the newly elected Italian Prime Minister, Mr. Enrico Letta, were so bitter about the level of economic destruction austerity has brought to Eurozone economies that he said, "Italy is dying because of austerity alone...stimulus policies can no longer wait."

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