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A $1 Trillion Stimulus?

Remember the good-old-days (like a month ago) when leading economists were pushing the federal government to boost the economy with $200 - $300 billion in new

Jul 31, 2020
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Remember the good-old-days (like a month ago) when leading economists were pushing the federal government to boost the economy with $200 – $300 billion in new stimulus spending? Well, they’re gone.
As unemploymentcontinues to skyrocket, the housing market continues to falland consumers remain reluctantto open their pocketbooks, economists are now urging a package more to the tune of $1 trillion. In a statement set to be unveiled later today, more than 100 economists will make their case why President-elect Barack Obama should back at least $900 billion in stimulus spending over the next two years.
Obama is on board with the concept, saying repeatedly that his first act from the White House will be a huge spending program focused on state infrastructure projects and renewable energy technologies. But he hasn’t yet put a dollar figure on his plan.
Even without the new stimulus bill, the federal deficit is expected to hover near $1 trillion next year, due largely to the long string of Wall Street bailouts already orchestrated by Washington. It gives new meaning to the Keynesian theory that borrowing is the best way to pull through a recession.
Then again, at least we’ll sleep better knowing that bridge we’re driving over isn’t set to collapse.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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