Needed: Both Kinds of Stimulus

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The US recovery is stalling. As a matter of economics the balance of risks strongly favors further fiscal and monetary stimulus. Politics appears to rule out the first, and a divided Federal Reserve is hesitating over the second. America's leaders are letting the country down. So I argue in my new column for the Financial Times.

Actually, it's not too late--even taking the politics as fixed--for a further temporary stimulus based on temporary tax cuts. If Democrats could only swallow their disgust at letting the rich off the hook for another year or two, they could propose a tax-based job-boosting package that would be hard for the GOP to reject. This would not be the best stimulus you could design but it would be a lot better than nothing. Meanwhile, the Fed should move to another round of QE.

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Clive Crook is a senior editor of The Atlantic and a columnist for Bloomberg View. He was the Washington columnist for the Financial Times, and before that worked at The Economist for more than 20 years, including 11 years as deputy editor. Crook writes about the intersection of politics and economics. More

Crook writes about the intersection of politics and economics.

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