February 19, 2009
Mankiw: President's Economic Team is 'Genius'
Well, sort of:
The expression "create or save," which has been used regularly by the President and his economic team, is an act of political genius. You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus.
Posted by John Kranz at February 19, 2009 12:39 PM
In a radio interview yesterday Congressman Jared Polis (D - CO 2nd district) said, "If the economy recovers in one or two years I'd be completely in support of paring down some of the additional spending authorized further down the road under this bill." (I'm paraphrasing)
I took this to be the first hint of how Democrat congressmen plan to stay in office in '10: If the economy is still "bad" they get to continue spending anyway just like FDR did. If it's doing well enough that they can't justify the continuation of deficit spending then they campaign on "reigning it in." Either way they position themselves as the "responsible" party that will keep things on the "right track."