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Few Economists Favor More Stimulus
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| Contributor | Jason |
| Last Edited | Jason Jul 09, 2009 09:48pm |
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| Category | General |
| Author | PHIL IZZO |
| Media | Newspaper - Wall Street Journal |
| News Date | Friday, July 10, 2009 03:00:00 AM UTC0:0 |
| Description | Most economists believe the U.S. doesn't need another round of stimulus now despite expectations of continued severe job losses.
Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary, suggesting an average of about $600 billion in additional spending. On average, the economists forecast an unemployment rate of at least 10% through next June, with a decline to 9.5% by December 2010.
"The mother of all jobless recoveries is coming down the pike," said Allen Sinai of Decision Economics. But he doesn't favor more stimulus now, saying "lags in monetary and fiscal policy actions" should be allowed to "work through the system."
Like most respondents, Mr. Sinai said the bulk of the stimulus wouldn't be felt until 2010. When asked how much the stimulus has helped the economy, 53% of respondents said it has provided somewhat of a boost but that the larger effect is still to come.
That sentiment echoes what the Obama administration has said about the stimulus. While some top Democrats, such as Rep. Steny Hoyer, have said they are open to another round of stimulus, Rob Nabors, deputy director of the White House's budget office, said Wednesday that the administration isn't discussing a new package. |
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