Unconventional economic times require unconventional economic solutions, and one economist has a non-traditional idea that may get this economy moving again.
Two year back, MarketWatch Chief Economist Irwin Kellner recommended that the United States consider distributing a $3,000 gift card to every citizen over age 16, as a fiscal stimulus tactic.
And, of course, the reaction in public policy and economics circles to such a unique, non-traditional tactic was, “Man, he’s gotta be kidding.”
However, after a year of sluggish U.S. GDP growth with unsatisfactory job growth — the nation is still short about 14 million jobs — Kellner’s idea may have been enough to propel the U.S. economy toward where the U.S Federal Reserve — and certainly the Obama administration — want it to be: a self-sustaining expansion.
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Source: Staff Reporter | International Business Times