Conor Clarke writes that Barack Obama should listen more closely to what Larry Summers was saying about fiscal stimulus before the election. Congressman Peter DeFazio, by contrast, says Summers is the problem:
In some ways, I think both sides are right. The decision to squeeze infrastructure spending in favor of tax cuts isn’t a great idea. And it’s made worse by the fact that the tax cuts aren’t nearly as well-targeted as Summers’ pre-election advice would have suggested. There’s some good infrastructure money in the draft I’ve seen, and some good tax cut stuff in the draft I’ve seen (pertaining to the child tax credit and “making work pay”) but there’s too much in the way of poorly targeted business tax cuts hanging around. It would make more sense to divert that money in either direction.
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