China's stimulus package represents 16% of its GPD. The Japanese stimulus unveiled today represents 6% of its GDP. It's anyone's guess what the Obama administration will propose, but it is certain that it's going to be more than 1.5% of the US GDP.
Yes, these plans are to some extent just packaging. But so are ours. These 200 billion euros were just the first step for the EU. Considering the lack of coordination and direction, maybe this way is the best.
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Worth a read: Soros on the euro and EU
19 hours ago
1 comments:
http://economistsview.typepad.com/economistsview/2008/12/jobs.html
As Mark Thoma puts it:
I still don't get the sense that legislators appreciate the lags in the policy process and hence the urgency to get something done now:
...
I also used 8 months or more as an estimate of the time until the peak effect of a fiscal policy change is felt in the economy, and with lags that long, policy needs to be implemented without delay.
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