Wednesday, January 23, 2008
A Recipe for Hard Times
In the face of a recession, it looks like the White House and US Congress will soon put together a massive economic stimulus package with some mixture of tax reductions and spending, the latter perhaps in the form of direct grants. The idea is to get additional money circulating in the economy as fast as possible through both spending and investment. The economist Lawrence Summers writes that: "...fiscal stimulus only works if it is spent so it must be targeted . Targeting should favour those with low incomes and those whose incomes have recently fallen for whom spending is most urgent." May I make the suggestion that a modest portion of this package be directed the way of musicians, and composers in particular? Our incomes tend to be low and, in these days, falling, and we're particularly well suited to spending money as fast as possible. Without a doubt, any direct grants sent our way will be disposed of with astonishing velocity.