Sunday, February 15, 2009

Krugman, croaking at the stimulus and the bailout

In response to John Cole over at Balloon Juice wondering where Krugman spelled out his concerns about the size of the bailout.
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.--Krugman, "What the Centrists Have Wrought"
Remember, that's just the cuts from a bill that was too small to begin with. The total difference in jobs between doing enough and not doing enough has to be in the millions.

Here's Krugman on the amount of the stimulus:

what’s coming out of the current deliberations is really, really inadequate. I’ve gone through the CBO numbers a bit more carefully; they’re projecting a $2.9 trillion shortfall over the next three years. There’s just no way $780 billion, much of it used unproductively, will do the job."--Krugman, "Happy Stan"
Extra bonus snark, on the banking plan:
Question: what happens if you lose vast amounts of other people’s money? Answer: you get a big gift from the federal government — but the president says some very harsh things about you before forking over the cash.--Krugman, "Bailouts for Bunglers"


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