Noam Scheiber is in favor:
I guess my only response is that, while the politics of a second stimulus may be extremely unfavorable, the politics of 10 percent unemployment as you head into a midterm election--or, worse, a presidential re-election campaign--are far, far worse. Even if you can't pass another stimulus today, you want to begin laying the groundwork for passing one as soon as possible. Yes, you'll take a lot of heat from the GOP even at that point. But not nearly as much as you'll take if the unemployment rate doesn't improve by the summer/fall of 2010.
Derek Thompson is against:
I expect that the politics of shifting attention away from one of the three big issues of the docket -- health care, climate change and bank regulation -- are dangerous. Conservative Democrats -- and a solid majority of Americans -- are getting nervous about deficits at a time when the Obama administration is pressing them to help pass a trillion-dollar health care reform bill and a potentially even more costly climate change bill to cap carbon emmissions. Say what you want about the long-term impact of climate change and health care reform, but they're going to cost an intimidating sum over the next few years. If Obama presses for a second stimulus, I expect he'll meet plenty of resistance from his own party. Politicians should be nervous about these job losses, but come 2010, they'll be most worried about losing their own.
Donald Marron says econo-pundits can't count.
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