It's a Global Economic Meltdown -- Why Are We Shouldering Most of the Burden of Bailing Out the World?
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As the world's largest economy -- with a voracious appetite for imports -- the United States is uniquely placed to lead the world out of a recession. Replacing "Buy American" with "Buy Keynesian" could actually go a long way toward filling the biggest hole in the current global response to the deepening recession: the lack of coordinated international fiscal policy.
John Schmitt is a Senior Economist at the Center for Economic and Policy Research (CEPR). He has worked as a consultant for national and international organizations including the American Center for International Labor Solidarity, the Global Policy Network, the International Labor Organization, the United Nations Economic Commission for Latin America.