New York Governor Paterson is calling for immediate action in the face of what he is describing as worst economic downturn in decades. And just what is he recommending to deal with it: “freezing state hiring and cutting prized programs, possibly including education and health care”.
Sounds familiar. Isn’t this what we have been doing for the past decade? So where is Paterson getting these not-so-fresh ideas? From a tried and true team – or perhaps a ‘tired and untrue’ team. Paterson has consulted with high-profile economists like Robert E. Rubin, the Treasury secretary in Bill Clinton’s administration, Ben S. Bernanke, the Federal Reserve chairman; Henry M. Paulson Jr., the Treasury secretary. Hven’t we seen these guys before. Is this what we can expect as proposed solutions to the crisis from a Democratic Administration in Washington? I hope not.
Opportunity Knocks as Paterson Tackles Budget
JEREMY W. PETERS, NYT, August 2, 2008
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