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Paul Krugman sez:

President Obama hails the fact that stimulus projects are coming in “ahead of schedule and under budget.” Yay — but boo.

Ahead of schedule is good. Under budget — well, ordinarily that’s a good thing. But the point of the stimulus is to increase spending! So if we don’t spend as much as expected, that’s less stimulus.

Technically, maybe this is right.  But it ignores the political side of things, which in this case is probably more important than a few billion dollars here and there.  Back in the 30s, the WPA struggled endlessly with attacks on “wastefulness,” and those attacks were instrumental in keeping spending below the level it otherwise could have been.  Filling up bottles with money and paying people to dig them up may have been a nice metaphor for Keynes, but that’s all it was: a metaphor.  In the real world, if we want to maintain public support for stimulus spending, it has to be seen as fair, efficient, and well managed.  Obama is playing this exactly right.

 

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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