ran 3.9 miles
According to a December 2008 internal memo from Lawrence Summers, at that time an incoming senior economic adviser to president-elect Obama, he and other advisers rejected the idea of a giant stimulus package.
The 2009 stimulus package, known as the American Recovery and Reinvestment Act, which totaled $787 billion, was passed regardless of Summers’ warning that “it would be hard to spend more than $300 billion on government investment and anything above that would have to come from transfers to the states and tax cuts”. He also said that a giant stimulus of more than $1 trillion aimed at rapidly reducing the unemployment rate “would likely not accomplish the goal because of the impact it would have on markets”.
The memo lays out four different stimulus approaches ranging from $550 billion to $890 billion. In an article from FinancialTimes, written by Robin Harding, Harding points out that Obama’s advisers “made a serious political misjudgment, believing that if they asked for too small of a stimulus, it would be easy to go back to Congress and ask for more”.
That was obviously not the case after looking back at how furious Americans were when they voted out so many House and Senate democrats during the mid-term elections of 2010.
516.3 miles to go.
Here is what happened one year ago on Day147.
According to a December 2008 internal memo from Lawrence Summers, at that time an incoming senior economic adviser to president-elect Obama, he and other advisers rejected the idea of a giant stimulus package.
The 2009 stimulus package, known as the American Recovery and Reinvestment Act, which totaled $787 billion, was passed regardless of Summers’ warning that “it would be hard to spend more than $300 billion on government investment and anything above that would have to come from transfers to the states and tax cuts”. He also said that a giant stimulus of more than $1 trillion aimed at rapidly reducing the unemployment rate “would likely not accomplish the goal because of the impact it would have on markets”.
The memo lays out four different stimulus approaches ranging from $550 billion to $890 billion. In an article from FinancialTimes, written by Robin Harding, Harding points out that Obama’s advisers “made a serious political misjudgment, believing that if they asked for too small of a stimulus, it would be easy to go back to Congress and ask for more”.
That was obviously not the case after looking back at how furious Americans were when they voted out so many House and Senate democrats during the mid-term elections of 2010.
516.3 miles to go.
Here is what happened one year ago on Day147.
