But the leading free-market economist of the last generation, Ronald Reagan’s top economic adviser in the White House, is saying yes to stimulus.
Economist Martin Feldstein says it wouldn’t be his first choice, but there is now no other way. We’re out of options.
This hour, On Point: Uber-economist Martin Feldstein on the global economy and the stimulus challenge.
You can join us. Are you ready to hit the giant spend button in Washington to save the economy? Are you with the Republican minority in resisting?Guest:
Joining us in our studio is Martin Feldstein, economics professor at Harvard University, president emeritus of the National Bureau of Economic Research, and former chairman of the Council of Economic Advisers under President Reagan. The Wall Street Journal says he “may be the most influential economist of his generation.” He’s taught everyone from Obama advisor Larry Summers and the new head of the Congressional Budget Office, Doug Elmendorf, to Bush advisors Lawrence Lindsay and Glenn Hubbard. A longtime advocate of free-market economics, he’s known as the “father” of the George W. Bush tax cuts.
Feldstein made waves recently by coming out strongly in support of a major stimulus package. Here you can read his recommendations on the economy to Congress.
A Wall Street Journal blog post provides an interesting look at Dr. Feldstein's network of former students, who continue to populate Washington's upper echelons. The Journal also notes that he's found a new voice.
Meanwhile, Nouriel Roubini has real concerns that 2009 will bring even worse financial news. George Soros thinks there's a right way and a wrong way to save the banks. And the New York Times' Paul Krugman remains uncertain about President Obama's direction on the economy.
This program aired on January 26, 2009.