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Debate: 2009 US economic stimulus
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- | *'''[[Argument: Large stimulus bill is needed for major problems| Large stimulus bill is needed for major problems]]''' [http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2009/02/06/a_large_stimulus_bill_for_large_problems/ Scot Lehigh. "A large stimulus bill for large problems". The Boston Globe. February 6, 2009] - "President Obama's call for a large stimulus plan is under assault by arguments as unpersuasive as they are uninformed. Is the stimulus plan large? Yes, and with good reason. Our economic problems are as well. With consumers poorer from $6 trillion in vanished housing wealth and $7 trillion in vaporized stock, we're set to suffer annual losses in overall economic activity of a trillion dollars this year and a trillion or more next year. It's not just consumer spending that has collapsed. Other traditional generators of economic growth - business investment, housing construction, and exports - are all anemic. You can trace the effects of the sharp economic contraction in frequent stories about massive layoffs. That leaves government spending as the nation's best hope for softening a major downturn. To address a projected loss of more than $2 trillion in economic activity, Congress is debating an overall stimulus package of $819 billion to $900 billion. Although those figures sound large, on a dollar-for-dollar basis they would plug less than half the growing hole in the economy. So the stimulus size is hardly excessive - and conservatives' calls for cutting it back make little sense." | + | *'''[[Argument: Large stimulus bill is needed for major problems| Large stimulus bill is needed for major problems]]''' [http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2009/02/06/a_large_stimulus_bill_for_large_problems/ Scot Lehigh. "A large stimulus bill for large problems". The Boston Globe. February 6, 2009] - "President Obama's call for a large stimulus plan is under assault by arguments as unpersuasive as they are uninformed. Is the stimulus plan large? Yes, and with good reason. Our economic problems are as well. With consumers poorer from $6 trillion in vanished housing wealth and $7 trillion in vaporized stock, we're set to suffer annual losses in overall economic activity of a trillion dollars this year and a trillion or more next year. It's not just consumer spending that has collapsed. Other traditional generators of economic growth - business investment, housing construction, and exports - are all anemic. You can trace the effects of the sharp economic contraction in frequent stories about massive layoffs. That leaves government spending as the nation's best hope for softening a major downturn. To address a projected loss of more than $2 trillion in economic activity, Congress is debating an overall stimulus package of $819 billion to $900 billion. Although those figures sound large, on a dollar-for-dollar basis they would plug less than half the growing hole in the economy. So the stimulus size is hardly excessive - and conservatives' calls for cutting it back make little sense."[http://www.commondreams.org/headline/2009/01/28-11] |
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+ | *'''Stimulus risks being too small not too large.''' Robert Kuttner, co-editor of The American Prospect. - Stimulus "needs to be adequate to do the job. Eight hundred and twenty billion is about 2.5% of GDP. But the economy is sinking at the rate of five to six percent. So they may find out they have to come back and ask for more." | ||
*'''Vast majority of US stimulus is good stimulus.''' Jim Horney, director of federal fiscal policy for the Center on Budget and Policy Priorities - "The vast majority of what is in these two bills is pretty good stimulus."[http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2009/02/06/a_large_stimulus_bill_for_large_problems/] | *'''Vast majority of US stimulus is good stimulus.''' Jim Horney, director of federal fiscal policy for the Center on Budget and Policy Priorities - "The vast majority of what is in these two bills is pretty good stimulus."[http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2009/02/06/a_large_stimulus_bill_for_large_problems/] |
Revision as of 04:21, 9 February 2009
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