The Need for a Stimulus Package Now

Journal Article

The Need for a Stimulus Package Now

January 31, 2008

Abstract

I am happy to be here this morning to urge Congress to enact a stimulus package quickly. In brief, I believe that: A well-designed stimulus package is needed now as an insurance policy to reduce the risk of recession or mitigate its severity if it occurs; The compromise worked out by the President and Speaker Pelosi is well-designed to stimulate spending quickly, because it focuses on low- and moderate income people, and should be enacted as soon as possible; The Congress should resist the temptation to delay the package by adding other elements, however worthy, at this time; Risks posed by the packagethat it will aggravate inflation or add to the long-run deficitare worth taking to help stabilize the economy in the months ahead.

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