Larry Summers' December 15, 2008 Economic Memo

Summers' memo that gives some insight into what the Obama administration was thinking on the economy is available here. Here is a list of important points in the memo.

The stimulus was about implementing the Obama agenda
Team Obama knows these deficits are dangerous
Obamanomics was pricier than advertised
Even Washington can only spend so much money so fast
Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic
Team Obama wanted to use courts to force massive mortgage principal write downs
Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing

Pages 10 and 11 shows a list of what others have proposed for Stimulus amounts.
It provides another forecast about the unemployment rate would be over time with and without the Stimulus.

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Blogger juandos said...

You might want to also take a look at James Pethokoukis' 11 stunning revelations from Larry Summers’s secret economics memo to Barack Obama at the Enterprise blog...

1/27/2012 9:10 AM  

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