Friday, August 7, 2009

NY Times Has No Shame

Headline in NYTimes this morning: "Economists See a Limited Boost in Stimulus Package." What would you think if you saw that headline? Would you think that only two economists were the source of the headline? One of the sources is Christina Romer, head of the Obama Council of Economic Advisors, and the other is Allen Sinai, long a Democratic stalwart in the forecasting profession. Imagine that Christina Romer said something different, like: "Stimulus did no good, was a complete waste of money." That would be news. The fact that someone who receives a paycheck from this administration thinks the stimulus package is working is not news. Nor does Obama's lackey's statement justify the absurd headline that "Economists....." The NY Times should be embarassed. You have to wonder if there are any adults supervising these headlines.

The only other person quoted in the story, Donald Marron (not an economist, by the way), said "it's hard to believe the stimulus had that much effect."

Sorry, NYTimes. But, economists don't think the stimulus has done any good. It has raised the deficit by almost a trillion dollars and paid off a lot of political debts of the Obama team. But, for the economy, it has done zilch...worse than zilch.