This morning, Nobel Laureate Paul Krugman urged Obama to pass a $600 billion stimulus, and he asked, “…will the Obama people dare to propose something on that scale? Let’s hope that the answer to that question is yes, that the new administration will indeed be that daring.”
Sorry Paul (and Obama), but you could pass a $5 trillion stimulus, and it still wouldn’t be daring. In fact, the notion of a big government intervention during a big economic crisis is as gobsmackingly conventional and safe as it gets.
Daring would be doing nothing. Daring would be letting the chips fall where they may. Daring was me when I didn’t wear a jacket to work today in the middle of November (it is downright balmy in NY today).
Spending taxpayer money? Not so much. Seriously, what are Obama and the Congress be risking by passing a huge stimulus with other people’s money. Nothing. It’s just politics.
That’s not to say it isn’t a good idea — that’s a debate for a completely separate post — but to say it’s bold or daring is absurd.
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