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Politics : The Donkey's Inn
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To: Mephisto who started this subject10/2/2001 9:16:35 AM
From: Kenneth E. Phillipps  Read Replies (2) of 15516
 
Bush is whistling past the graveyard.

He wants an economic stimulus package which will not raise long term interest rates. Unfortunately, any deficit spending will raise those rates. He says the best way to stimulate the economy is give people money to spend. He is wrong about that because, if people save rather than spend, there is no stimulus.

Bush: Stimulus Shouldn't Raise Long Rates

Oct 2 8:46am ET

WASHINGTON (Reuters) - President Bush said on Tuesday that the United States needs an economic stimulus package large enough to get economic activity going after the attacks of Sept. 11, but not large enough to push up long-term interest rates.

"What's needed is a stimulus package big enough to get the economy moving in the short run but small enough so that it doesn't affect long-term interest rates, for example," Bush told reporters after meeting congressional leaders at the White House. Bush declined to specify the size of the stimulus package under contemplation but lawmakers have said a package of up to $100 billion has been discussed.

"All of us are listening to the voices of leading economists. We're all open for suggestions. The best way to stimulate demand is to give people some money so that they can spend it," Bush said.

Federal Reserve Chairman Alan Greenspan has publicly cautioned Congress to take care a package does not boost long-term interest rates, which would push up the cost of such things as mortgages for consumers.
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