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Economists Who Make the Third Stimulus Honor Roll

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The country is experiencing the worst economic downturn since the Great Depression. The economics profession bears part of the blame – almost the entire profession was unable to see an $8 trillion housing bubble. Even as the unraveling of the bubble began to throw the economy into recession, economists were slow to recognize the need for a strong response from the government to boost the economy.

This failure of the economics profession allowed the first stimulus, passed during the Bush administration in February of 2008, to consist of a relatively modest tax cut that provided limited benefit to the economy. Congress passed a considerably larger stimulus in February of 2009, but one that is still far too small to address the severity of the downturn.

Congress will be more likely to move on a third stimulus when economists recognize and speak out about the inadequacy of the second stimulus. In an effort to promote forward thinking by economists, and challenge those who have not yet faced up to the severity of the current recession to examine economic developments more closely, CEPR is keeping an honor roll of economists calling for a third stimulus.

Below are two lists of economists - the first includes those economists who publicly and explicitly stated that the second stimulus, the American Recovery and Reinvestment Act, was too small. The second list shows those economists who have called for a third round of stimulus to boost the economy.

Second Stimulus Too Small

Economist Title Date Reference
Brad DeLong UC Berkeley- Professor 02/14/09 Blog Post
John Schmitt CEPR- Senior Economist 02/15/09 Op-Ed
Dean Baker CEPR- Co-Director 02/16/09 Op-Ed
James K. Galbraith UT Austin- Professor 02/16/09 Op-Ed
Paul Krugman Nobel Laureate, NYT, Princeton-Professor 02/17/09 CNBC
Heather Boushey CAP- Senior Economist 02/18/09 CNS News
Joseph Stiglitz Nobel Laureate, Columbia University- Professor 02/19/09 Columbia University
Eileen Appelbaum Rutgers- New Brunswick 02/22/09 The Tavis Smiley Show
Michael Meeropol Professor Emeritus of Economics at Western New England College 02/22/09 Radio Commentary
Mark Weisbrot CEPR- Co- Director 02/25/09 Op-Ed
Nouriel Roubini RGE Monitor- Chairman, NYU- Professor 03/05/09 Op-Ed
Robert Solow Nobel Laureate, MIT 03/12/09 BusinessWeek
Mark Thoma University of Oregon- Economist 03/16/09 Op-Ed


Need a Third Stimulus

Economist TItle Date Reference
Heather Boushey CAP- Senior Economist 02/18/09 CNS News
James K. Galbraith UT Austin- Professor 02/25/09 MarketWatch
Martin Feldstein Harvard University- Professor 03/03/09 Op-Ed
Paul Krugman Nobel Laureate, NYT, Princeton, 03/11/09 CNBC
Mark Thoma University of Oregon- Economist 03/16/09 Op-Ed
Dean Baker CEPR- Co-Director 03/17/09 CEPR Paper
Heidi Shierholz EPI- Economist 04/03/09 EPI Jobs Picture
Robert Solow Nobel Laureate, MIT 04/06/09 Gainesville Sun (FL)
Mark Weisbrot CEPR, Co- Director 04/14/09 Op-Ed
Robert Shiller Yale University- Professor 04/15/09 Op-Ed
Gerald Friedman UMass- Amherst- Professor 05/01/09 Dollars&Sense
Lawrence Mishel EPI- President 05/21/09 EPI
Mark Price KRC- Economist 05/31/09 Blog Post
John Schmitt CEPR- Senior Economist 06/08/09 The Hill
Paul Samuelson Nobel Laureate 06/18/09 The Atlantic
Stephanie Kelton University of Missouri- Kansas City- Professor 06/29/09 Blog Post
Stephen Levy CCSE- Senior Economist 07/01/09 New America Media
Pavlina R. Tcherneva Franklin and Marshall College- Professor 07/02/09 Blog Post
Thea Lee AFL-CIO- Economist 07/06/09 The Hill
Laura Tyson Economis Advisor to the President, UC Berkeley- Professor 07/07/09 Bloomberg
Andrew Samwick Dartmouth College- Professor 07/07/09 Blog Post
L. Randall Wray University of Missouri- Kansas City- Professor 07/07/09 Blog Post
Olivier Blanchard IMF- Chief Economist 07/09/09 Financial Times
Justin Wolfers U Penn- Professor 07/09/09 Marketplace
Nick Perna Perna Associates- Cheif Economist 07/10/09 WSJ
Robert Reischauer Urban Institute- President 7/11/09

Washington Post

Nouriel Roubini RGE Monitor- Chairman, NYU- Professor 7/20/2009 CNBC
Mark Zandi Chief Economist, Moody's Economy.com 11/2/2009 New York Times

We encourage people to add to or correct this list in the comment section below, ideally with the following information: name of the economist, date they first stated that the second stimulus was too small or called for a third stimulus, and appropriate reference.