"In the case of the Obama administration, officials seem loath to admit that the original stimulus was too small. True, it was enough to limit the depth of the slump - a recent analysis by the Congressional Budget Office says unemployment would probably be well into double digits now with the stimulus - but it wasn't big enough to bring unemployment down significantly."
So, the problem with Obama's massive tax-more and spend-much-more stimulus - meant to keep unemployment under 8% while every reasonable figure shows it at upwards of 10% - was that we just didn't spend enough on it. If that were the case, they why isn't Greece a model for all of us to emulate instead of an example of how rampant spending can bankrupt a nation?
That's our Krugman: always good for a laugh!
This is not a recovery. As in Magritte's this is not a pipe? Only this time there's not even a painting of a recovery.
ReplyDeleteNo painting, but I remember a few articles talking about how great it was. Maybe it is just me, but I don't really know anyone who is frolicking in the great warm fields of our recovery summer.
ReplyDeleteOr maybe it was just something I ate; I'll make sure the rest of the Schnitzel passes the sniff test.