Economists Who Make the Third Stimulus Honor Roll
http://www.cepr.net/index.php/press-releases/interactive-press-releases/economists-who-make-the-third-stimulus-honor-roll/
May 27, 2009
The country is experiencing the worst economic downturn since the Great
Depression. The economics profession bears part of the blame – almost
the entire profession was unable to see an $8 trillion housing bubble.
Even as the unraveling of the bubble began to throw the economy into
recession, economists were slow to recognize the need for a strong
response from the government to boost the economy.
This failure of the economics profession allowed the first stimulus,
passed during the Bush administration in February of 2008, to consist of
a relatively modest tax cut that provided limited benefit to the
economy. Congress passed a considerably larger stimulus in February of
2009, but one that is still far too small to address the severity of the
downturn.
Congress will be more likely to move on a third stimulus when economists
recognize and speak out about the inadequacy of the second stimulus. In
an effort to promote forward thinking by economists, and challenge those
who have not yet faced up to the severity of the current recession to
examine economic developments more closely, CEPR is keeping an honor
roll of economists calling for a third stimulus.
Below are two lists of economists - the first includes those economists
who publicly and explicitly stated that the second stimulus, the
American Recovery and Reinvestment Act, was too small. The second list
shows those economists who have called for a third round of stimulus to
boost the economy.
Second Stimulus Too Small
Economist Date Reference
Brad DeLong 02/14/09 Blog Post
Mark Zandi 02/15/09 Op-Ed
John Schmitt 02/15/09 Op-Ed
Dean Baker 02/16/09 Op-Ed
James K. Galbraith 02/16/09 Op-Ed
Paul Krugman 02/17/09 CNBC
Joseph Stiglitz 02/19/09 Columbia University
Eileen Appelbaum 02/22/09 Tavis Smiley Show
Mark Weisbrot 02/25/09 Op-Ed
Nouriel Roubini 03/05/09 Op-Ed
Paul Krugman 03/11/09 CNBC
Robert Solow 03/12/09 BusinessWeek
Need a Third Stimulus
Economist Date Reference
James K. Galbraith 02/25/09 MarketWatch
Martin Feldstein 03/03/09 Op-Ed
Paul Krugman 03/11/09 CNBC
Mark Zandi 03/11/09 MoneyNews
Dean Baker 03/17/09 CEPR Paper
Heidi Shierholz 04/03/09 EPI Jobs Picture
Robert Solow 04/06/09 Gainesville Sun (FL)
Lawrence Mishel 05/21/09 EPI
We encourage people to add to or correct this list in the comment
section below, ideally with the following information: name of the
economist, date they first stated that the second stimulus was too small
or called for a third stimulus, and appropriate reference.
--
Nicole Woo
Director of Domestic Policy
Center for Economic and Policy Research (CEPR)
1611 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Tel: 202.293.5380 x108
Fax: 202.588.1356
E-mail: [email protected]
Website: www.cepr.net
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