Now S The Time For A Stimulus...
But what’s justified in principle could be botched in practice. As Alan Greenspan warns, it is better “to be right than quick.” The danger is that a stimulus package might become (along with anything labeled “antiterrorism”) a vehicle for all sorts of dubious tax giveaways or pork-barrel-spending increases. Three guidelines suggest themselves: (a) any stimulus program should be simple and noncontroversial, something the White House and Congress could enact quickly; (b) because the need for “stimulus” is temporary, it should not result in new permanent cuts in taxes or increases in spending, and (c) it should be effective in supporting the economy....