by Damozel | The real problem with the stimulus bill is, of course, not that it is so "giant," but that it is so timid compared to what is needed. Hurray as ever for Media Matters, which points out the complete failure of our useless media to point out the real failing of the stimulus bill. In fact:
A Media Matters review of the ABC, CBS, and NBC evening
news programs from January 25 through February 15 found that of the 59
broadcasts that addressed the economic stimulus package and debate in
Congress during the three-week period leading up to and immediately
following its passage, only three of those broadcasts included
discussion of whether that package was big enough, despite statements
from many economists that it may not be.
I noted yesterday that oft-quoted (especially by Republicans) Republican economist Martin Feldstein has said that the current stimulus package will probably need to be supplemented by a further bill. He's not the only economist saying that what is going to be needed is more stimulus, not less. He and economist Mark Zandi are on the same page:
Economist Mark Zandi
wrote in an op-ed on February 15,
"[M]y most significant criticism of the current stimulus plan is that it is too
small." He added: "Our struggling economy will produce nearly $1 trillion less
than it is capable of this year and will underperform again by at least as much
in 2010. The $789 billion in spending and tax cuts to be distributed over those
two years is not going to fill this expected hole in the economy. I would thus
not be surprised if policymakers are forced to consider a second stimulus plan
soon." (Zandi added, "Nonetheless, when
combined with other aggressive policy steps, including efforts to shore up the
financial system and stem foreclosures, this fiscal-stimulus plan will go a long
way toward relieving the current economic crisis.") Zandi was not alone.
Other economists -- including
Paul Krugman,
Dean Baker, James Galbraith, Eileen
Appelbaum, and
J. Bradford DeLong --
also assessed the stimulus package as too
small. (
Media Matters)
As for the GOP, I'm sure they're still holding back some great ideas for fixing the economy and mitigating -- to the extent possible -- the hardships of those who were brought down first, before any net at all had been put in place. The GOP must have some ideas other than "tax cuts," yeah? Because tax cuts don't help people with no income.
Perhaps we only get the government (and stimulus package) our useless media deserve. At Balloon Juice, DougJ writes:
People who think that our brain-dead media and our even more brain-dead
GOP
leadership don’t affect the decisions that go on under Obama are
kidding themselves. Obama—for better or for worse, and in this case
certainly for the worse—is a pragmatist who is only likely to push for
things that he thinks are possible in our current media/political
environment....
It’s perfectly reasonable to blame Obama for not shoving this stuff
down the Beltway Establishment’s throat. But it’s naive to think that
he wouldn’t have to push pretty hard to make them swallow it.
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