Economic experts take to Sunday talk shows and call for more stimulus

[Better Believe It]

economic experts agree: more stimulus needed
September 5, 2010

On the September 5 editions of CBS's Face the Nation and ABC's This Week, economic experts noted that the initial stimulus package was too small and that the resultant slow economic recovery demanded further stimulus. Media largely ignored progressive economists' statements during the stimulus debate that the package was too small, and have since promoted the falsehood that the stimulus failed.

Economic experts take to Sunday shows and call for more stimulus

Krugman: "Back in January '09... a number of us said, 'This is not commensurate with the scale of the crisis.'" On This Week, Nobel laureate economist Paul Krugman noted that many economists raised concerns that the stimulus might not be large enough when it was first proposed. Krugman said, "Back in January '09, when Obama was first announcing his plans, a number of us said this is not commensurate with the scale of the crisis." Krugman later added, "What we need is more demand."

Tyson: "We need targeted policies for jobs and right now, the deficit is not the issue." On Face the Nation, former chair of the Council of Economic Advisers Laura Tyson said: "I think we're in a situation where we're bumping along at a slow rate . There's a lot of down side risk. I think all of us agree here we need targeted policies for jobs and right now, the deficit is not the major issue. The major issue, slow economy, lack of jobs, 24 million people are still looking for full-time work. We really have to get our priorities right and focus on targeted job creation policies."

Morgenson: "The stimulus was not big enough... we need something instant." On Face the Nation, New York Times assistant business and financial editor Gretchen Morgenson, who received the Pulitzer Prize in 2002 for coverage of Wall Street, said: "The stimulus was not big enough. Because you would have seen far greater recovery. The unemployment numbers would be better, I think, if you had, if we wanted to think the stimulus was enough. But again I think that it has to be targeted. I think that what Laura, the point she made earlier is a good one. That is, let's go for things that will have a more immediate impact like, say, a payroll tax cut holiday or a payroll tax holiday. We need something instant, something a little bit quicker."

http://mediamatters.org/research/201009050007

[Tippy]

1. K&R

[leftstreet]

2. Issue every American a check for $50k. To start. n/t

[Gin]

3. I would spend it immediately....that would generate demand faster

than a tax cut....I need a new car.

[m00nbeam]

4. Now that is stimulus that I can get behind

And that stimulus would actually work.