This is interesting. Obama has not put a number on the stimulus package he will propose, but many reports put it between $500 Billion and $700 Billion for two years. That is, maybe $350 B per year.
Now along comes a Nobel Prize winning economist who served in the Clinton administration and a Harvard economist who advised McCain, and both advise Obama to go big, REAL BIG:
Kenneth Rogoff, a Harvard University professor who was an adviser to Republican presidential candidate John McCain, and Joseph Stiglitz, a Nobel Prize winner who served in President Bill Clinton’s White House, are among those who say President- elect Barack Obama should push for a package of that size.
“They need a stimulus of $500-to-$600 billion a year for at least two years to counter what is going to be a collapse in consumption,” said Rogoff, a former chief economist at the International Monetary Fund.
Calls for $1 Trillion Stimulus Package Grow as Economy Tumbles
More, after the fold.
(also on Daily Kos)