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Hate stimuluses? Like depressions?
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| Parent(s) |
Issue
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| Contributor | RP |
| Last Edited | RP Aug 20, 2010 11:44am |
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| Category | Opinion |
| Author | Froma Harrop |
| Media | Newspaper - Arizona Republic (Phoenix) |
| News Date | Friday, August 20, 2010 06:00:00 AM UTC0:0 |
| Description | Using econometric models, Alan Blinder and Mark Zandi argue that the bailouts, the stimulus and other extraordinary actions saved America from nothing less than another Great Depression.
Had Washington not taken any aggressive steps starting in 2008, the results would have been horrific, their study says. Real gross domestic product would have fallen a "stunning" 12 percent, rather than the actual decline of 4 percent.
Nearly 17 million jobs would have vanished, twice as many as the real count. And the unemployment rate would have peaked at 16.5 percent.
If Washington had not reacted as quickly and as forcefully as it did, the two economists write, "the costs to U.S. taxpayers would have been vastly greater."
With no special government intervention, the 2010 deficit would have passed $2 trillion, according to their model. It would have reached $2.6 trillion in fiscal 2011 and $2.25 trillion in 2012. |
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