Do We Really Need More Stimulus?

Both the president and members of Congress have expressed strong political desire to appear to be "doing something" about the past recession and the current unemployment rate. This sentiment cuts across political parties and between the executive and congressional branches of government. In truth, however, few economists in the administration or in Congress, Republican or Democrat, have made much of a case that more stimulus - at least in terms of putting money in the economy - is needed or wanted at this time. Why? As far as I can tell, never before in the nation's history has so much fiscal stimulus been provided relative to the size of a downturn.