Sam Stein in the Huffington Post summarizing a new book by Noam Scheiber of the New Republic:
Chief among the examples of the administration's failures is the stimulus itself. When Summers made the final presentation to the president's then-chief of staff Rahm Emanuel, Scheiber writes, "It reflected what he deemed the best course that was politically feasible ... Yet because Emanuel and the president assumed Summers was largely giving them [economic advice], they believed they were closer to the ideal than they actually were." (quoted by Delong so I do not have to link to sleazy Huffington Post).According to Stein, according to Scheiber, Summers overruled the advice of Presidential adviser Christina Romer. For a different perspective, however, we could look at what, um, Christina Romer actually says:
In retrospect, it would have been good if the Recovery Act had been even larger. But as it was, it was the largest countercyclical fiscal stimulus in American history – not just in dollar terms, but relative to the size of the economy[ my bold, R] As we've gotten more evidence about how it has worked, it is clear that it was immensely helpful. The Recovery Act is part of the reason why, despite the terrible shocks that hit the American economy in 2008, this recession, as bad as it was, wasn't a second Great Depression. The policy response was much more effective and much more aggressive than it was in the early thirties.What, even more aggressive than what the sainted FDR did? To make matters more pathetic, Stein writes:
Scheiber writes…. [W]hen the final document was ultimately laid out for the president, even the $1.2 trillion figure wasn't included. Summers thought it was still politically impractical.Sadly for these fake journalists, the actual memo itself has leaked , and was published by a real journalist in the New Yorker, a it's quite a sensible document, but does include a list of recommendations from other sources including this line
Robert Reich believes it should be $1.2 trillion over two years, but also indicated it couldAnd it's worth noting that these people who are still whining about the size of the stimulus somehow neglect to explain how a bill that passed by ONE VOTE could have been made larger and still passed. Because none of these people care about reality.
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