Tuesday, February 10, 2009

What Consensus for the “Stimulus?”


The Obama administration has claimed that virtually all economists support their approach to "stimulus" spending. This is patently untrue. Nobel Laureates Ed Prescott, James Buchanan, and Vernon Smith recently joined 200 other economists signing a letter opposing the legislation. Other notable economists critical of the stimulus package include Nobel Laureate Gary Becker, as well as Robert BarroGreg MankiwArthur Laffer, and Larry Lindsey.  Martin Feldstein, who had been the only notable conservative economist loudly supporting the stimulus, has since changed his mind.

More liberal economists such as Alice Rivlin and Alan Blinder have also strongly criticized certain aspects of the spending bill. 

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