Oy Vey

This:

“We are certainly anticipating that spending and the effects of the recovery act will get much bigger over the summer and the fall,” Ms. Romer told CNBC. But she also cautioned on CNBC today that unemployment numbers may not turn around until early next year, and wouldn’t rule out the notion of a second stimulus package when asked about the possibility. (emphasis added)

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2 Responses to Oy Vey

  1. Frank says:

    Concerned about your workload? 🙂

    The first stimulus was probably too small. Obama was figuring on unemployment maxing out at 8.5%, and now we’re on track to hit 10%. Plus, $70B of the stimulus wasn’t even stimulus, it was just an AMT patch that was going to happen anyway.

    Shoulda been over $1T to close the output gap.

  2. ericschinfeld says:

    I probably agree with you, Frank, but way too late politically. Any attempt to get more “borrow and spend” out of this congress right now is a one way ticket to 1994.

    To be perfectly honest, there is going to be a second stimulus. It’s called the FY 2010 federal budget. It’s going to be big and make investments in all these areas and congress has already approved the budget resolution so there’s no political consequences to structuring it in such a way as to invest in all the things that need to be invested in to ensure a strong, 21st century economy.

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