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November 19, 2008 Letter November 19, 2008 The Honorable Henry Reid The Honorable Nancy Pelosi Senate Majority Leader Speaker of the House Washington, DC 20510 Washington, DC 20515 The Honorable Mitch McConnell The Honorable John Boehner Senate Minority Leader House Minority Leader Washington, DC 20510 Washington, DC 20515 Dear Sen. Reid, Sen. McConnell, Speaker Pelosi, and Rep. Boehner: We, the undersigned economists, urge Congress to pass a new stimulus package as quickly as possible. The need to deal with financial turmoil has directed attention away from the "real" economy. But the latest data clearly show that the economy is entering a serious recession, initiated by the collapse of homebuilding and intensified by the paralysis of credit markets. Without a fast an effective response by government, the economy could continue to spiral downward, leading to a large increase in unemployment and a sharp decline in GDP. The potential severity of the downturn suggests that a boost to demand on the order of 2.0-3.0 percent of GDP ($300-$400 billion) would be appropriate, with the goal being to get this money spent quickly. The list of targets includes: a) aid to state and local governments that are being forced to make emergency cutbacks as revenues fall; b) extending unemployment insurance and increasing other benefits targeted toward low and moderate income households who are likely to spend quickly; c) moving forward infrastructure projects that have already been planned and scheduled; and d) providing tax credits and other support for "green" projects that can be done quickly, such as retrofitting homes and businesses for increased energy efficiency. The sharp falloff in demand resulting from the collapse of the housing bubble and the destruction of financial wealth means that there is little reason to fear that enlarged deficits will raise interest rates and deter private investment. It is far more likely that an effective stimulus package will promote investment by improving prospects for higher sales and profits. With little downside risk and much potential gain, it is important that Congress move quickly and decisively. Delay can only deepen and prolong the recession. Sincerely, Economists’ Letter to Congress November 19, 2008 Page 2 of 6 CALIFORNIA Carol Zabin, University of California, Berkeley George Akerlof, Nobel Laureate , University of California, Berkeley COLORADO Sylvia A. Allegretto, University of California, Alexandra Bernasek, Colorado State University Berkeley Elissa Braunstein, Colorado State University Peter Berck, University of California, Berkeley P. Sai-wing Ho, University of Denver Clair Brown, University of California, Berkeley Scott Lazerus, Western State College of Colorado Susan Carter, University of California, Riverside Tom Mayer, University of Colorado Carol Chetkovich, Mills College Tracy Mott, University of Denver Mussaddeq Chowdhury, University of Redlands Anita Pena, Colorado State University Cecilia Conrad, Scripps College Charles Revier, Colorado State University Richard Cornwall Steven Shulman, Colorado State University James Cypher, California State University, Fresno Rudiger von Arnim, University of Denver Paul A David, Stanford University Richard Wobbekind, University of Colorado James Bradford DeLong, University of California, Yavuz Yasar, University of Denver Berkeley Michael Zimmerman, Colorado Public Utilities James Devine, Loyola Marymount University Commission Gary Dymski, University of California, Riverside Elena Foshay CONNECTICUT Deborah Garvey, Santa Clara University Jane D'Arista, Financial Markets Center Lisa Grobar, California State University, Long Catherine Forman, Quinnipiac University Beach Candace Howes, Connecticut College Greg Hunter, California State Polytechnic Miguel Ramirez, Trinity College University, Pomona Rasika Ranasinghe, Connecticut College Michael Intriligator, University of California, Los Angeles DISTRICT OF COLUMBIA Dorene Isenberg, University of Redlands Henry Aaron, Brookings Institution Sanford M. Jacoby, University of California, Los Dean Baker, Center for Economic and Policy Angeles Research Lori Kletzer, University of California, Santa Cruz Barbara R. Bergmann, American University Tom Larson, California State University, Los Charles Betsey, Howard University Angeles Josh Bivens, Economic Policy Institute David Levine, University of California, Berkeley Ron Blackwell, AFL-CIO Yan Liang, University of Redlands Rebecca Blank, Brookings Institution Victor Lippit, University of California, Riverside Gary Burtless, The Brookings Institution Diane Macunovich, University of Redlands Mary Lou Egan, Bendick and Egan Economic Mark Maier, Glendale College Consultants, Inc. Eric Nilsson, California State University, San Kai Filion, Economic Policy Institute Bernardino Jessica Gordon Nembhard, CEJJES Institute and Michael Perelman, California State University, National Economic Association Chico Heidi Hartmann, Institute for Women's Policy Steven Raphael, University of California, Berkeley Research Michael Reich, University of California, Berkeley Ariane Hegewisch, Institute for Women's Policy Lynda Rush, California State Polytechnic Research University, Pomona Harry Holzer, Georgetown University Harley Shaiken, University of California, Berkeley Helene Jorgensen, Center for Economic and Policy Todd Sorensen, University of California, Riverside Research Roger Sparks, Mills College Hank Leland, Service Employees International Frank Stricker, CSU Dominguez Hills and CA Union Faculty Union Marc Mealy, US ASEAN Business Council Myra Strober, Stanford University Lawrence Mishel, Economic Policy Institute Richard Sutch, University of California, Riverside Austin Nichols, Urban Institute Chris Tilly, University of California, Los Angeles Aaron Pacitti, American University Gavin Wright, Stanford University Andrew Reamer, The Brookings Institution Organizations listed for identification purposes only. Economists’ Letter to Congress November 19, 2008 Page 3 of 6 John Schmitt, Center for Economic and Policy MASSACHUSETTS Research Frank Ackerman, Stockholm Environment Institute Heidi Shierholz, Economic Policy Institute and Tufts University Mark Weisbrot, Center for Economic and Policy Randy Albelda, University of Massachusetts Boston Research M. V. Lee Badgett, University of Massachusetts Howard Wial, The Brookings Institution Amherst Jim Campen, Americans for Fairness in Lending FLORIDA Jessica Carrick-Hagenbarth, University of Robert Burkhardt, University of Florida Massachusetts Amherst Carmen Diana Deere, University of Florida Arthur Casimir, Western New England College Carole Green, University of South Florida Karen Conway, University of New Hampshire Patrick Mason, Florida State University James Crotty, University of Massachusetts Amherst Charles Rock, Rollins College Anita Dancs, Western New England College David Danning, University of Massachusetts Boston GEORGIA Peter Diamond, Massachusetts Institute of Tanweer Akram Technology Sarah Jacobson, Georgia State University Gerald Epstein, University of Massachusetts Amherst IOWA Colleen Fahy, Assumption College Peter Fisher, The Iowa Policy Project Ellen Frank, University of Massachusetts Boston Ismael Hossein-zadeh, Drake University Gerald Friedman, University of Massachusetts Amherst IDAHO Heidi Garrett-Peltier, University of Massachusetts Martin Orr, Boise State University Neva Goodwin, Tufts University Sergio Romero, Boise State University Carol E. Heim, University of Massachusetts Amherst James Heintz, University of Massachusetts Amherst ILLINOIS Adam Hersh, University of Massachusetts Ron Baiman, DePaul University Arjun Jayadev, University of Massachusetts Boston Marianne Ferber, University of Illinois at Urbana- J K Kapler, University of Massachusetts Boston Champaign Thomas Kochan, Massachusetts Institute of Mark Johnson, Chicago State University Technology Paul Lockrd, Black Hawk College Laurence Kotlikoff, Boston University Joseph Persky, University of Illinois at Chicago Supriya Lahiri, University of Massachusetts Lowell Samuel Rosenberg, Roosevelt University Charles Levenstein, University of Massachusetts Calvin Trapp, Roosevelt University Lowell Catherine Lynde, University of Massachusetts INDIANA Boston Charles Davis, Indiana University - Purdue Arthur MacEwan, University of Massachusetts University Indiana Boston Amitava Dutt, University of Notre Dame Julie Matthaei, Wellesley College Lawrence Marsh, University of Notre Dame Ellen Meara, Harvard Medical School Jaime Ros, University of Notre Dame Michael Meeropol, Western New England College Martin Wolfson, University of Notre Dame Fred Moseley, Mount Holyoke College Philip Moss, University of Massachusetts Lowell KANSAS Julie Nelson, University of Massachusetts Boston Jennifer Ball, Washburn University Laurie Nisonoff, Hampshire College Philip Mauceri, University of Northern Iowa Paul Osterman, Massachusetts Institute of Joshua Rosenbloom, University of Kansas Technology Karl Petrick, Western New England College KENTUCKY Karen R. Polenske, Massachusetts Institute of Malcolm Robinson, Thomas More College Technology James Ziliak, University of Kentucky Robert Pollin, University of Massachusetts Amherst Joseph Ricciardi, Babson College Helen Scharber, University of Massachusetts Organizations listed for identification purposes only. Economists’ Letter to Congress November 19, 2008 Page 4 of 6 Juliet Schor, Boston College MISSOURI Mark Silverman, University of Massachusetts Erik Olsen, University of Missouri Kansas City Amherst Peter Skott, University of Massachusetts Amherst
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