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Stiglitz gives Obama high marks


(Video: Joseph Stiglitz)

In this excerpt from a recent talk, Joseph Stiglitz says Obama's economic policy should be graded an A+, if only because his policy is much better than George W. Bush's.

Stiglitz is more critical of the Obama administration in his book Freefall (which I reviewed here). In this clip, he says the main problem with the stimulus was that it was too small. But, in my view, the real issue was its short-termism. This was reflected in how the money was spent: too much on propping up old industries and consumption give-aways (like the tax cuts and cash-for-clunkers), and not enough on supporting innovation and growth for the future.

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