WASHINGTONPOST.COM President Obama’s $447 billion jobs plan got generally good reviews from economists on Friday, though several noted one glaring omission: The plan does not include a comprehensive way to address mortgage debt, which many see as the central drag on the U.S. economy.
The plan — for the most part — is a conventional stimulus, much like the one passed at the beginning of the president’s term. It is designed to put more money into people’s pockets and spur hiring over the next two years, all part of an effort to stimulate spending and reduce the unemployment rate. Many economists agreed that, if passed, it would do just that.
“Once stimulus fades away, households are back on the street,” said Atif R. Mian, an economist at the University of California at Berkeley. But he added, “Once you have removed the debt burden from households, you’ve taken care of the problem.”
The plan — for the most part — is a conventional stimulus, much like the one passed at the beginning of the president’s term. It is designed to put more money into people’s pockets and spur hiring over the next two years, all part of an effort to stimulate spending and reduce the unemployment rate. Many economists agreed that, if passed, it would do just that.
“Once stimulus fades away, households are back on the street,” said Atif R. Mian, an economist at the University of California at Berkeley. But he added, “Once you have removed the debt burden from households, you’ve taken care of the problem.”
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