Sunday, February 08, 2009
Get a Nobel Prize winner to crunch the numbers
And what you get is not very pretty, unless you are a dyed-in-the wool Hooverite. According to Dr Krugman:
Now the centrists have shaved off $86 billion in spending — much of it among the most effective and most needed parts of the plan. In particular, aid to state governments, which are in desperate straits, is both fast — because it prevents spending cuts rather than having to start up new projects — and effective, because it would in fact be spent; plus state and local governments are cutting back on essentials, so the social value of this spending would be high. But in the name of mighty centrism, $40 billion of that aid has been cut out.It's like the Republicans have added another full month to the unemployment report.
My first cut says that the changes to the Senate bill will ensure that we have at least 600,000 fewer Americans employed over the next two years.
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