The New York Times story US economy comparatively strong, study asserts begins with the following paragraph:
Academic heavyweights have been debating whether the United States economy is so sluggish because of too much government stimulus, …
I am confused about which New York Times published this article. Was it the one in New York City, The United States of America, The Earth?
I don’t think it is my planet where “Academic heavyweights have been debating whether the United States economy is so sluggish because of too much government stimulus,…”
I’d love to see a list of those academic heavy weights. I bet I can come up with a far longer list who think the economy is sluggish because of far too little government stimulus of the right kind.
Comparing this crisis to recoveries from similar crises may prove that we have done fewer idiotic things in response to this crisis than in previous ones. It doesn’t necessarily show that we have done as many smart things as we could have. Had we had less stimulus than we did, we might have followed more closely the paths after similar crises in which there was a double dip.The loss to the economy is not measured by how less badly we did than in the past. The measure is how far below crisisless trend we are. Where would we be if we had been able to avoid the crisis with proper government regulation, less insane deregulation, less political cow-towing to the ultra-wealthy, and less concerted efforts to suppress labor unions?