This is why we need fiscal stimulus.
Thanks to Brad Delong for the chart. It simply explains why most economists, even those distressed by the thought of fiscal stimulus or not liking aspects of the current plan, are supportive.
Since I have no idea how long the recession will last I’m less concerned about the mix of short-term and long-term spending, and most of the longer term spending projects make sense anyway.
There’s a good chance that job losses are accelerating this month.
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