Why Was Stimulus Off the Mark?
Posted in Main Blog (All Posts) on June 22nd, 2010 4:31 am by HL
Why Was Stimulus Off the Mark?
Gregory Mankiw, National Affairs
To understand the challenge government economists have faced over the past year and a half, it is useful to imagine the case of a physician trying to treat an ill patient. The patient presents herself in terrible shape; the physician has never treated a condition with symptoms quite like hers before; and the causes of the ailments are unclear. The doctor remembers reading about a similar case in medical school — and, trying to recall as much of his training as possible, he endeavors to come up with a theory as to why the patient is sick and to determine what will make her better.In…
Murtha’s District Considers Life With Less Pork
Spilled Oil: Our Summer of Discontent
Hendrik Hertzberg, New Yorker
For the young Presidency of Barack Obama, and for the nation, this hellish summer of discontent started in balmy spring, on the evening of April 20th, forty miles off the Louisiana coast in the Gulf of Mexico. At first, after the explosion aboard the giant oil rig Deepwater Horizon, the rig's operator, BP, estimated the resulting flow at a thousand barrels a day. A nasty business, yes. But at that rate it would have taken eight months to approach the level of the 1989 Exxon Valdez spill and eight years to equal the record for the Gulf, set in 1980 at Ixtoc, off the Mexican coast.By May…