Anya Schiffrin of Columbia University argues for improved understanding of the economy among financial journalists in a commentary piece for The Guardian in London.
“‘The concept of a Keynesian stimulus is not immediately intuitive. It would have been nice if there had been more in-depth explanations. As it was, there was more of ‘what happened yesterday’ than ‘what are the long term implications?’ but that’s not unusual,’ said one national economic reporter, describing the press coverage.
“Five months after the stimulus passed, the unemployment rate was still climbing. (It was 8.2% in February, 9.4% in July and 9.7% in August 2009, and today stands around 9.0%, depending on how it’s counted.) That led to a spate of articles about whether or not the stimulus would work or had worked. These articles mostly said it wouldn’t and mostly didn’t mention the fact that the majority of the money had still not been spent. Instead, a number of the articles argued that since the stimulus had failed, the US government should not consider a second one.”
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