According to CQ, Jacob J. Lew, President Obama’s nominee as new director of the Office of Management and Budget (OMB) said that, "The current Democratic strategy of spending to create jobs and boost the economic recovery is the correct course of action now."
This was supported yesterday by 300 economists who signed a letter stating that the Obama administration should not engage in any austerity programs due to the weak economy.
Thursday on CNBC, I debated thiswith the author of the letter Robert Kuttner of the American Prospect. While I greatly respect Dr. Kuttner, I have to say his letter was disappointing as they advocated more stimulus spending for job creation.