Despite warnings from many economists that stimulus may be too small, m$m rarely raised the issue

[babylonsister]

So the m$m can now just STFU, k?


Despite warnings from many economists that stimulus may be too small, network news rarely raised the issue


Summary: A Media Matters review of the ABC, CBS, and NBC evening news programs from January 25 through February 15 found that of the 59 broadcasts that addressed the economic stimulus package and debate in Congress during the three-week period leading up to and immediately following its passage, only three of those broadcasts included discussion of whether that package was big enough, despite statements from many economists that it may not be.

A Media Matters for America review of the ABC, CBS, and NBC evening news programs from January 25 through February 15 found that of the 59 broadcasts that addressed the economic stimulus package and debate in Congress during the three-week period leading up to and immediately following its passage, only three of those broadcasts -- one on each network -- included discussion of whether that package was big enough, despite statements from many economists that it may not be and may have to be followed by additional measures. Although the size of the stimulus package was referenced during at least 48 of the broadcasts that addressed it -- with anchors and reporters, in many cases, characterizing the bill as "massive," "enormous," or "giant" -- rarely was the concern raised that the package's size may not have been adequate.

Indeed, The Washington Post reported on February 17, "{A}s big as it is, the final bill is smaller than what initially passed in the House and Senate, and it falls well short of filling the $2 trillion gap in demand that many economists foresee." Economist Mark Zandi wrote in an op-ed on February 15, "{M}y most significant criticism of the current stimulus plan is that it is too small." He added: "Our struggling economy will produce nearly $1 trillion less than it is capable of this year and will underperform again by at least as much in 2010. The $789 billion in spending and tax cuts to be distributed over those two years is not going to fill this expected hole in the economy. I would thus not be surprised if policymakers are forced to consider a second stimulus plan soon." (Zandi added, "Nonetheless, when combined with other aggressive policy steps, including efforts to shore up the financial system and stem foreclosures, this fiscal-stimulus plan will go a long way toward relieving the current economic crisis.") Zandi was not alone. Other economists -- including Paul Krugman, Dean Baker, James Galbraith, Eileen Appelbaum, and J. Bradford DeLong -- also assessed the stimulus package as too small.

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http://mediamatters.org/items/200903060025?f=h_latest