Pastor of Muppets (syndicalist) wrote in ontd_political,
Pastor of Muppets

Here's the roster of economists that support 3rd stimulus

Paul Krugman kept up the argument today for another stimulus and criticized the media for how it laughs off the idea.

From Center for Economic and Policy Research:

Economists Who Make the Third Stimulus Honor Roll

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
Heather Boushey 02/18/09 CNS News
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
Robert Solow 03/12/09 BusinessWeek
Mark Thoma 03/16/09 Op-Ed

Need a Third Stimulus

Economist Date Reference
Heather Boushey 02/18/09 CNS News
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
Mark Thoma 03/16/09 Op-Ed
Dean Baker 03/17/09 CEPR Paper
Heidi Shierholz 04/03/09 EPI Jobs Picture
Robert Solow 04/06/09 Gainesville Sun (FL)
Mark Weisbrot 04/14/09 Op-Ed
Robert Shiller 04/15/09 Op-Ed
Gerald Friedman 05/01/09 Dollars&Sense
Lawrence Mishel 05/21/09 EPI
John Schmitt 06/08/09 The Hill
Paul Samuelson 06/18/09 The Atlantic
Stephanie Kelton 06/29/09 Blog Post
Steven Levy 07/01/09 New America Media
Pavlina R. Tcherneva 07/02/09 Blog Post
Thea Lee 07/06/09 The Hill
Laura Tyson 07/07/09 Bloomberg
Andrew Samwick 07/07/09 Blog Post
L. Randall Wray 07/07/09 Blog Post

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.

Tags: economy, stimulus

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