[Pen-l] Economists Who Make the Third Stimulus Honor Roll

[Nicole Woo <woo@xxxxxxxx>]

Economists Who Make the Third Stimulus Honor Roll
http://www.cepr.net/index.php/press-releases/interactive-press-releases/economists-who-make-the-third-stimulus-honor-roll/

May 27, 2009

The country is experiencing the worst economic downturn since the Great 
Depression. The economics profession bears part of the blame – almost 
the entire profession was unable to see an $8 trillion housing bubble. 
Even as the unraveling of the bubble began to throw the economy into 
recession, economists were slow to recognize the need for a strong 
response from the government to boost the economy.

This failure of the economics profession allowed the first stimulus, 
passed during the Bush administration in February of 2008, to consist of 
a relatively modest tax cut that provided limited benefit to the 
economy. Congress passed a considerably larger stimulus in February of 
2009, but one that is still far too small to address the severity of the 
downturn.

Congress will be more likely to move on a third stimulus when economists 
recognize and speak out about the inadequacy of the second stimulus. In 
an effort to promote forward thinking by economists, and challenge those 
who have not yet faced up to the severity of the current recession to 
examine economic developments more closely, CEPR is keeping an honor 
roll of economists calling for a third stimulus.

Below are two lists of economists - the first includes those economists 
who publicly and explicitly stated that the second stimulus, the 
American Recovery and Reinvestment Act, was too small.  The second list 
shows those economists who have called for a third round of stimulus to 
boost the economy.

Second Stimulus Too Small
Economist 	Date 	        Reference
Brad DeLong 	02/14/09 	Blog Post
Mark Zandi 	02/15/09 	Op-Ed
John Schmitt 	02/15/09 	Op-Ed
Dean Baker 	02/16/09 	Op-Ed
James K. Galbraith 	02/16/09 	Op-Ed
Paul Krugman 	02/17/09 	CNBC
Joseph Stiglitz 	02/19/09 	Columbia University
Eileen Appelbaum 	02/22/09 	Tavis Smiley Show
Mark Weisbrot 	02/25/09 	Op-Ed
Nouriel Roubini 	03/05/09 	Op-Ed
Paul Krugman 	03/11/09 	CNBC
Robert Solow 	03/12/09 	BusinessWeek


Need a Third Stimulus
Economist 	        Date 	Reference
James K. Galbraith 	02/25/09 	MarketWatch
Martin Feldstein 	03/03/09 	Op-Ed
Paul Krugman 	03/11/09 	CNBC
Mark Zandi 	03/11/09 	MoneyNews
Dean Baker 	03/17/09 	CEPR Paper
Heidi Shierholz 	04/03/09 	EPI Jobs Picture
Robert Solow 	04/06/09 	Gainesville Sun (FL)
Lawrence Mishel 	05/21/09 	EPI

We encourage people to add to or correct this list in the comment 
section below, ideally with the following information: name of the 
economist, date they first stated that the second stimulus was too small 
or called for a third stimulus, and appropriate reference.

--
Nicole Woo
Director of Domestic Policy
Center for Economic and Policy Research (CEPR)
1611 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Tel: 202.293.5380 x108
Fax: 202.588.1356
E-mail: woo@xxxxxxxx
Website: www.cepr.net

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