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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. She is currently on leave.
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Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero � all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

The Politics of the Possible

By Megan McArdle
Jul 8 2009, 10:29 AM ET Comment

Paul Krugman asks why favoring a second stimulus, like opposing the Iraq War, has been written out of the public argument.  Now, I seem to remember a very robust and lengthy public argument about the war, which couldn't have persisted without opponents.  But leaving that aside, what about the stimulus?

Well, it is starting to get some traction.  But it probably won't get much, and here's why:  Democrats aren't interested.  They aren't interested because they are already facing political pressure over the debt.  Doing another stimulus will--or so they think--make it much harder for them to do health care and climate change.  Their initial thesis that a big, bold spending program would "prime the pump" for more big, bold spending programs has fallen flat.  The stimulus is working too slowly, probably because little money has yet been dispensed, which has made further spending programs less, not more, popular.

A question for Paul Krugman and other stimulus proponents:  would you rather have a second stimulus, or health care?  I know that in an ideal universe you wouldn't have to choose, but assume that the worrywarts are right, and you do.  Which should Obama get done?

That's a genuine question, and one that I think congressional democrats and Democratic wonks should probably be more conflicted about than they apparently are.  Not to concern troll, but it's a genuinely tricky, and interesting, political question.  If you think a second stimulus will work, and is needed, then you're risking the 2010 midterms and the 2012 election if you don't do it.   On the other hand, what's the point of electing Democrats if they can't get a single major program passed?


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