by Bill Kavanagh: Paul Krugman is on fire again this morning. His concern is that the Obama stimulus package won’t be bold enough, or be passed by Congress soon enough to stop the country from sliding into a second Great Depression. It’s worthwhile reading.
Krugman’s points to the danger of attempting to make the legislation into a compromise intended to forge a Democratic/Republican consensus (one he argues won’t be forthcoming anyway). The size and scope of the stimulus is of critical importance. Since so many mistakes have been made in addressing the financial system meltdown, the only way Krugman sees to head off further deterioration is with a stimulus package large enough to counter the loss of jobs coming our way out of the private sector.
Obama says we need swift, bold action. Let’s hope we get it— and nothing less.
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(See Memeorandum for discussion.)
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UPDATE— It might be time for Barack Obama to remember that, as Chicago political writer Peter Finley Dunne once said, “Politics ain’t beanbag.” If Barney Frank and Paul Krugman are right, Congressional Republicans are never going to sign on the a stimulus package coming from the White House. So, rather than looking for ways to help them learn to love the new President, by bearing tax cuts and cutting back spending plans, wouldn’t it be better to push through a bill that actually addresses the rolling disaster that has become our economy?
MORE UPDATE- I like the way Kevin Drum puts it in his post/comment, "negotiating with themselves": "The American public really doesn't know or care if this bill passes by one vote or thirty votes. So why waste time on this? It's just a gold-embossed invitation for Republicans to obstruct and posture endlessly, something they hardly need any encouragement for."
(More Memeorandum discussion...)
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