Robert J. Shiller on Obama's Jobs Plan
On September 8, 2011, President Obama spoke before the joint session of Congress to outline his job stimulus plan, the American Jobs Act. Following his speech, the Yale Daily Bulletin asked Yale experts to weigh in on how the plan is likely to affect the millions of unemployed workers and the economy.
According to Robert J. Shiller, the Arthur M. Okun Professor of Economics, the proposed stimulus does not go far enough. "I think it was a little weak in terms of the crisis we're going through. He gave the impression that this act would solve the problems. It would help some people, but it's pretty limited in the overall impact, I believe, and it's not really up to the magnitude of the problem. We have 14 million unemployed and there's a risk that the economy is going to sink into recession, so we'll have even more unemployed. And there's a serious risk that this problem is going to continue for years."