Paul Krugman on Obama’s failure to pass a big enough original stimulus:
As I feared right from the beginning, there was only one chance at doing
this on a sufficient scale. And the administration didn’t take that
Krugman warned that the $800 billion would not last and would only temporarily plug holes in the leaking economy. As unemployment continues to grow and chronic job insecurity pervades, the economy looks to be spluttering to a halt again and a double dip recession is on the cards.
The Right will call for more tax cuts, less regulation and severe austerity measures. Their belief is that the debt must be taken care of first despite the enormous human suffering. Obama must resist those calls and push for another stimulus package, but this time one that doesn’t cater to the philosophy that clearly isn’t working. The government must spend money on infrastructure and sustainable jobs, not temporary census employment and tax cuts for people who really don’t need it.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.