From the public debate on the need for fiscal stimulus, you would think the only open question is what form it should take. In fact, among economists, there is a good deal of uncertainty and doubt over whether fiscal policy holds much promise.The article sounds a cautionary note for those who think we should just slap something together as fast as possible. They ask the new president to show
1) that fiscal stimulus has a good chance of paying off and 2) that the spending will be done wiselyGood ideas, but also highly unlikely. Much more likely is that a stimulus will be rammed through Congress backed by dire warnings of doom if it isn't passed. Anyone daring to object to the idea of a stimulus, or the economic theory behind it will simply be dismissed as a crank.