More Stimulus, Please

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Like Matt Yglesias, I don’t quite get Peter Orszag’s opposition to further quantitative easing from the Fed. He’d like to see Congress pass further stimulus, but thinks that’s less likely if the Fed eases monetary policy. Why? Because a stimulus package should only be passed if it has an accompanying medium-term deficit reduction package, “and that medium-term deficit reduction package is less likely to be enacted when interest rates on long-term government bonds are so low.”

I don’t really understand this. But who cares? As Orszag says, the Fed’s anticipated QE2 package will probably have, at best, a modest effect. What the economy really needs is “more fiscal expansion (read: more stimulus) now.” I helpfully added italics to that quote since that seemed to be his intent. And remember: Orszag was widely considered the moderate deficit hawk in the Obama administration. If he thinks Job 1 is additional stimulus, people really ought to be listening to him.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

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Truth #5: It's about minority rule.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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