Re: [Pen-l] Democrats to placate Republicans on recovery plan

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Feb 4, 2009, at 11:59 AM, John Gulick wrote:

> On this issue at least, I believe that Obama's courting of the  
> Republicans and sandbagging of the liberals does not spring from
> some philosophical or political devotion to center-right  
> bipartisanship (although O may well be possessed of that), but  
> rather from
> his (and his team's) assessment that whatever package does get  
> approved, it will be nugatory in its stimulative effect.

It's hard to believe that close to $1 trillion will be "nugatory."  
It's around 7% of GDP. And even with a modest multiplier, it  
approaches 10%.

As for courting the Reps, Obama is shameless in that regard. But as a  
practical matter, even the wet dream legislation of Barry, Larry, and  
Tim couldn't get through the Senate.

Doug
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