Why You Can’t Stimulate Your Way to Prosperity
Glenn Hubbard and Peter Navarro
Throughout 2008, Larry Summers, the Harvard economist, built the case for a big but surgical stimulus package. [However,] the stimulus approach that has emerged on Capitol Hill abandoned the Summers parameters.
In a fateful decision, Democratic leaders merged the temporary stimulus measure with their permanent domestic agenda. It’s easy to see why Democrats decided to do this. They could rush through permanent policies they believe in. Plus, they could pay for them with borrowed money. ... But they’ve created a sprawling, undisciplined smorgasbord, which has spun off a series of unintended consequences.
—David Brooks, New York Times (January 2009)1
Upon his inauguration ...
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