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.