Quote of the Day: Mark Thoma

Kenneth Rogoff: “Those who believe — often with quasi-religious conviction — that we need even more Keynesian fiscal stimulus, and should ignore government debt, seem to me to be panicking.”

Since we’re giving opinions — let’s call them “seems to me-isms” — rather [than] analysis, let me give mine: “Those who believe — often with quasi-religious neoclassical conviction — that no further¬† Keynesian fiscal stimulus is needed, and that government debt cannot be ignored, seem to me to be insensitive to the needs of the millions of unemployed, and at odds with the available evidence.”

As for the snide remark about “panicking,” for those who are truly panicking due to the struggles they face finding a job, paying the bills, and so on, some urgency from policymakers would be much appreciated.

— Mark Thoma (University of Oregon)