Paul Krugman wrote yesterday that Obama might not be spending enough in his new stimulus package to really change much.
But Mr. Obama’s prescription doesn’t live up to his diagnosis. The economic plan he’s offering isn’t as strong as his language about the economic threat. In fact, it falls well short of what’s needed.
NBC's Chip Reid siezed on this during Obama's presser and asked Obama about the fact that some Democrats like Paul don' think he's going to spend enough jack to really save the economy...
CHIP REID: Thank you, Mr. President-Elect. I’d like to follow up on that. Larry Summers, as he said, is up on the Hill now, and we’re told he’s getting an earful from some Democrats who say this plan just isn’t big enough. And I know you resisted putting a number on it, but your staff has talked about a high end of $800 billion or something like that. They say if that’s true, and 40 percent of it is tax cuts that don’t have the bang for the buck, that spending has, it’s not big enough. Paul Krugman today said it falls far short for what you’re going to need to put America back to work. How do you respond to those critics?
OBAMA: Look, there’s some people who have said that it’s not big enough, there are others who say it’s too big. Well, the — as I said before, Democrats or Republicans, we welcome good ideas. And so the challenge for all of us, I think, is to identify good ideas, good spending plans, that deliver on my commitment to create or save 3 million jobs. I want this to work. This is not an intellectual exercise, and there is no pride of authorship. If members of Congress have good ideas, if they can identify a project for me that will create jobs in an efficient way, that does not hamper our ability to — over the long term — get control of our deficit, that is good for the economy, then I’m going to accept it.
If Paul Krugman has a good idea, in terms of how to spend money efficiently and effectively to jump-start the economy, then we’re going to do it. If somebody has an idea for a tax cut that is better than a tax cut we’ve proposed, we will embrace it. So, you know, one of the things that I think I’m trying to communicate in this process is for everybody to get past the habit that sometimes occurs in Washington of whose idea is it, what ideological corner does it come from. Just show me. If you can show me that something is going to work, I will welcome it.
Obama said he's willing to hear from everybody and is open to more suggestions and new ideas. He basically asked Paul to "Show me the Money!"
I know Obama's team is reading Krugman's blog and columns so I think he's putting his ideas out there for all to see, but heck, give him an adviser role too and let him go to work for you. That is, if he'd accept...
As I've written many time before, when it comes right down to it, Republicans do not want Obama to succeed in DC so forget the bipartisan stuff and implement the plan Obama really wants without worrying about the vote count. There will be enough Republicans to get it passed so let old McConnell cry in the wind if that's what it takes.
