Recently, Republicans leaders have been preparing for a fight over President-elect Obama’s economic stimulus package, which is designed to create three million new jobs, calling it “wasteful spending.” On MSNBC’s Rachel Maddow Show yesterday, Nobel Prize-winning economist Paul Krugman said that Republican leaders have “no coherent theory” behind their attacks, calling their obstructionism a mixture of “politics” and “suspicion.” Obama’s stimulus package may need to be bigger, he explained:
KRUGMAN: But we’ve lost 2 million in the past year. And we need more than a million extra jobs just to keep up with population growth. We’re already down 3 million jobs right now. … By the time any stimulus package gets going really, we’re going to be way down in the whole. Three million is not going to be enough actually to close the gap.
Yglesias has more.