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Politics : View from the Center and Left

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From: bluezuu	10/23/2008 1:49:02 AM
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But some economists remain unconvinced a large stimulus is needed, given that the federal deficit is expected to increase sharply due to the $700 billion financial bailout approved earlier this month. "I don't think we need a stimulus package — certainly not (as big as) $300 billion," said Allan Meltzer, an economist at Carnegie Mellon University. At most, the government should address the excess supply of housing, Meltzer said, by providing a tax credit for anyone making a down payment on a house. msnbc.msn.com Tax credit? Huh? Huge govt deficits, excess housing, so put a $10,000 tax on new homes. You would reduce new supply and raise maybe 20 billion in 2009.

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