The first journalist busted Obama straight away.

[traderx]

Martin Feldstein supported the stimulus package in October. He is now against it.

As a conservative economist, I might be expected to oppose a stimulus plan. In fact, on this page in October, I declared my support for a stimulus. But the fiscal package now before Congress needs to be thoroughly revised. In its current form, it does too little to raise national spending and employment. It would be better for the Senate to delay legislation for a month, or even two, if that's what it takes to produce a much better bill. We cannot afford an $800 billion mistake.

washingtonpost.com

And Feldstein is not alone.

Cato has just published a full-page ad in the New York Times with the names of some 200 economists, including some Nobel laureates and other highly respected scholars, who ?do not believe that more government spending is a way to improve economic performance? ? contrary to widespread claims that ?Economists from across the political spectrum agree? on a massive fiscal stimulus package. Of course, many economists don?t like to sign joint statements, so this is only a fraction of stimulus opponents in the profession.

http://www.cato-at-liberty.org/2009/01/28/economists-against-the-stimulus/

 

[30ashopper]

It's the same graph, just with more recessions plotted. Mine just showed the most recent for sake of comparison. Mine is linked from the Department of Labor Statistics, the other is one uploaded to Photobucket. As for your percentage argument, vs. off peak -- you have a point...but if you note the 1990, 2001, and current lines on both graphs, it doesn't change my point at all.

Oh, and by the way...that orange line represents Dec. 2007. It's not as current as the first one, which represents Jan. 2009; I am going to go out on a limb and say things have gotten a bit worse in the last 14 months.

No actually, it's quite current, based on numbers up to January. Sorry I should have included a reference link.

Employment losses continue to be in line with 1981-82 recession - William J. Polley

 

[scooterbug44]

Martin Feldstein supported the stimulus package in October. He is now against it.



washingtonpost.com

And Feldstein is not alone.


http://www.cato-at-liberty.org/2009/01/28/economists-against-the-stimulus/

And what is ol' Marty's solution? I certainly don't think criticizing the bill for a lack of military spending when we're shelling out $300 million a DAY in Iraq alone is logical.

 

[30ashopper]

I am all for picking this apart bit by bit. Please go ahead. But, seriously, you are mistaken that a journalist, fresh off of 8 years of W, "busted" Obama.

There is substantial conversation about unemployment rates, trends and possible impact from the stimulus bill. That's good. We should have this dialogue.
There are graphs too!!!!!

I have some as well.

Household Unemployment. How many of you are actually living this right NOW???? I know many people who are losing homes, jobs, lives, loves.........you name it. This is no joke. Certainly not a time for half-steps. Much less non-steps. Let me repeat. There is no time to do nothing.




Weird how in Dec 2007 Household unemployment dropped almost off the chart.............Even in a different study, compiled by different researchers. Spare the analogous blah blahs. History lessons aren't needed. This is not Japan. There was no Hiroshima 45 years prior and certainly very different infrastructure issues. As well, I would argue a wholly different commerce and trade focus. Money flows much differently for us now than it did for them then. It DOES NOT COMPARE. Maybe slightly, but not enough to warrant the level of scrutiny and comparison leveled recently both here and in the media.

But really, when the money starts flowing where are you going to stand? On your conservative platform? Or with your hand at the faucet?

I am not accusing anyone of anything. I am just saying be mindful of what you are writing about and mindful of who it is ultimately written about. You may just piss of someone who lost a job.

You really have absolutely no idea what your talking about, do you?

 

[amp in srb]

Sure the world is on a downward spiral and people are dying.........

but hell, we always have messageboards don't we?

 

[amp in srb]

Yeah 30A. Absolutely no idea. I'm retarded. Totally retarded.

Thanks for letting me know.

Sorry for not agreeing with you.

 

[Matt J]

I'm curious why so much weight is given to economists. Shouldn't these guys all be billionaires from spare change they found on the side walk by definition? Yet for some reason most of them dress like a blind man in a Good Will and drive cars from the 70's.

To me it's like the chain smoking track coach telling his athletes how to win a race.

 

[amp in srb]

And seriously 30Ashopaholic, if that is your tact.....discredit by humiliation of the opponent, you should really re-examine why you post on here. Maybe this is a club and I don't belong. If so, fine. This place sucks then. You do as well. If not, quit with your crap.

Do I threaten you somehow? Does it bother you that I say what I think? Or does it bother you that it is not what you want to hear? Or does your martini glass not agree? You get back to me on that. Okay?

And while you're at it........get out from behind your computer, step into the world. There is more to this than figures and statistics. There are lives lived and lives getting lost. You have no clue.

 

[amp in srb]

I'm curious why so much weight is given to economists. Shouldn't these guys all be billionaires from spare change they found on the side walk by definition? Yet for some reason most of them dress like a blind man in a Good Will and drive cars from the 70's.

To me it's like the chain smoking track coach telling his athletes how to win a race.

Some people oddly enough feel the need to give back. You won't see much of it on 30A though. While I wouldn't normally attribute this to economists, I would say that some of them are doing it for humanitarian purposes. Although many are paid nicely. A sort of Horace Mann type of thing.

 

[30ashopper]

I'm curious why so much weight is given to economists. Shouldn't these guys all be billionaires from spare change they found on the side walk by definition? Yet for some reason most of them dress like a blind man in a Good Will and drive cars from the 70's.

To me it's like the chain smoking track coach telling his athletes how to win a race.

Some have done quite well over the years, including during the downturn. I guess if you're not interested in paying attention to economists who study this stuff 24 hours a day, who are you going to pay attention to? Politicians?