Pols Get Failing Grades on Economic Literacy

Critics of stimulus spending reveal lack of economic literacy
By Rob Quinn,  Newser Staff
Posted Feb 6, 2009 10:05 AM CST
The electronic trading board of the New York Stock Exchange.   (AP Photo/Henny Ray Abrams)

(Newser) – Given all the "silly" arguments coming out of Washington these days, maybe we should pony up $50 million or so and let congressmen hire "economic trainers," writes Steven Pearlstein in the Washington Post. Those who complain that the stimulus has too much spending just don't get it. "Spending is stimulus," he writes, "no matter what it's for and who does it."

Some economics-challenged critics have complained the 25% of the cash not being spent in the next 2 years is "wasted," Pearlstein writes, when guarantees of future spending are exactly what's needed to boost confidence now. Politicians picking apart the package looking for spending to slash should realize what the best spending actually is, Pearlstein concludes: "that which creates jobs and economic activity now, has big payoffs later and disappears from future budgets."