June 08, 2012
Morning Edition had a segment on the state of the economy and the prospects for further stimulus. The discussion was framed by former Obama National Economic Advisor Larry Summers who told listeners that the economy seemed to be taking off last winter, but now seems much weaker. This position seemed to be confirmed by Alan Krueger, the current head of President Obama’s council of economic advisers.
It would have been helpful to include the views of someone who noticed that the weather was the main factor driving the stronger growth in the winter months. Those who pay attention to the weather knew that the economy’s growth would slow in the spring since the stronger growth in the winter was effectively borrowed against growth in the spring.
The segment also included comments from Maya Macguineas, the head of the Committee for a Responsible Federal Budget. She said that she did not think another round of stimulus would work. It would have been interesting if she was asked why. There is no obvious reason why increased demand from the government would not boost growth and employment.
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