What do you do with all these people when the jobs are done?
By then the economic situation will stabilize enough for them to find jobs in the private sector.
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Exactly. We need to allow debt destruction and deflation to happen. This will be very destructive and will have major social consequences. While we transition through this process, we need to keep people busy so they don’t commit very violent crimes and cause BIG problems, and so they can earn enough to survive without getting too desperate.
This is not about “stimulating the economy,” it is about survival and maintaining social order as we move through this very difficult transition, IMHO. That we get long-term benefits from new infrastructure and research and development (hopefully, in health, energy, and transportaion sciences), is icing on the cake. This is about resetting the financial system so we can bottom out and get to a place where we can grow again.
