Brown, Snowe File Currency Reform Amendment to Tax Cut Deal

By: Monday December 13, 2010 11:28 am

It’s not clear if Senators Reid and McConnell will allow much in the way of amendments to the tax cut deal, which should get a cloture vote shortly. But Senators are already filing those amendments, and one intriguing bipartisan one comes from Sen. Sherrod Brown’s office. U.S. Senators Sherrod Brown (D-OH) and Olympia J. Snowe [...]

CW Shifts: Debt Limit Must Be Included in Tax Deal

By: Wednesday December 8, 2010 10:52 am

For a while I was a lone voice in the wilderness, saying that you cannot call this deal on the Bush tax cuts a back-door stimulus unless you head off the probablility of major spending cuts that would cancel it out. But others are starting to recognize this. Tim Fernholz: One other understanding that should [...]

More on the “Second Stimulus” Impact of the Tax Deal Framework

By: Tuesday December 7, 2010 1:05 pm

Ezra Klein tweets that the tax cuts deal proves that “liberals care less about stimulus, than their rhetoric would suggest.” Robert Gibbs, who said that the deal was not meant to be a second stimulus, would probably not go so far. But let’s look at that question. CAP is out with a paper claiming that [...]

Is the Tax Cut Deal a Second Stimulus?

By: Tuesday December 7, 2010 8:24 am

The White House sent around a fact sheet on the framework agreement on the tax cuts, and they stressed that it would “create jobs and accelerate economic growth” without adding to medium- and long-term deficits. This has been best expressed by David Leonhardt in his story musing about the framework representing a second stimulus: What [...]

With Pressure on All Sides, White House Defends Tax Cut “Framework”

By: Monday December 6, 2010 5:33 pm

Senior Administration officials tried to cast their deal on the Bush tax cuts in a positive light, even as forces on the left and right were mobilizing against it. The deal is so shaky that the White House officials and the President would only call it a “framework.” Several Democrats and Republicans in the House [...]

Is the Tax Cut Cave a Stimulus Gambit?

By: Monday December 6, 2010 10:37 am

I brought this up a few days ago, and now it’s being seen as the best face of a capitulation on the Bush tax cuts. Ezra, who I assume is speaking for the White House here, lays that out: The White House has stopped negotiating for ideal — or even acceptable — tax policy and [...]

In Farewell Speech, Romer Calls for More Stimulus

By: Wednesday September 1, 2010 1:20 pm

In her final speech as a public official, the now former chair of the Council of Economic Advisers, Christina Romer, explained that the country required more stimulus to raise aggregate demand, and that failure to do so leaves “unemployed workers to suffer.” Departing White House chief economist Christina Romer called Wednesday on Congress to summon [...]

Plenty That Can Be Done To Relieve Economic Malaise

By: Monday August 30, 2010 7:22 am

Nouriel Roubini’s analysis is short and to the point. “The tailwinds of H1 2010 will become headwinds in H2: The fiscal stimulus will turn into a fiscal drag; the inventory adjustment that boosted growth is done; and base effects and temporary Census hiring are gone. If growth were to remain at “stall” speed (1% or [...]

CBO: Stimulus Prevented Depression AND Double-Dip Recession

By: Tuesday August 24, 2010 1:18 pm

When you recognize that GDP growth in the second quarter of 2010 was only 2.4%, and could revise to just 1% after all the data comes in, this estimate from CBO is horrifying: The massive stimulus package boosted real GDP by up to 4.5 percent in the second quarter of 2010 and put up to [...]

David Brooks Doesn’t Understand Economics

By: Wednesday July 7, 2010 12:55 pm

One thing about this debate among elites over whether government should spend more to create jobs or reduce the deficit is that it has revealed a stunning lack of basic economic knowledge from the deficit cutters. Basic macroeconomic theory seems to escape them. A case in point is David Brooks, the Administration’s favorite conservative, who [...]

CBO: Stimulus Now

By: Thursday July 1, 2010 8:15 am

The CBO definitely put their thumb on the scale with their long-term budget analysis yesterday. They admitted that, under current law, there would be very little long-term budget problems, but under an invented “alternative” scenario, where Congress spends more and taxes less, we’d have trouble. Some of those alternatives were accurate (the Congress will never [...]

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