Tags: robert | Rubin | Stimulus | Package

Rubin Opposes Second Stimulus Package

By    |   Monday, 16 Aug 2010 08:22 AM

Some Democratic economists have called for another big fiscal stimulus package to keep the economy from falling back into recession.

Robert Rubin, Treasury secretary under President Clinton, disagrees.

“I wouldn’t do a major second stimulus, because I think we run a risk that it could be counterproductive in creating a lot of additional uncertainty and undermining confidence,” he told CNN.

Economists disagree as to the effectiveness of the $787 billion fiscal stimulus package forged by President Barack Obama and Congress last year.

Rubin, like other economists, stresses the need to slash the budget deficit, forecast by the Obama administration at $1.47 trillion for this year.

“I would try over the next six months to put in place a very serious beginning of deficit reduction that would take effect at some specific time in the future – I would guess two years.”

Rubin blames both business leaders and the White House for the strain between them. “The business community needs to understand the tremendous pressure that the Obama administration faces from the concerns of 300 million Americans,” he said.

“And the administration needs to have a better understanding of the problems that businesses face and try to relate to those more.”

Meanwhile, the Obama administration has paid out less than a third of the nearly $230 billion allocated to big infrastructure projects in the economic-stimulus program, The Wall Street Journal reported. Republicans are zeroing in on the unspent stimulus money in fresh attacks on the administration's economic policy.

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Some Democratic economists have called for another big fiscal stimulus package to keep the economy from falling back into recession. Robert Rubin, Treasury secretary under President Clinton, disagrees. I wouldn t do a major second stimulus, because I think we run a risk...
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Monday, 16 Aug 2010 08:22 AM
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