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2011-08-29

U.S. policymaker suggested the economy is in need of further fiscal stimulus

While Fed Chairman Ben Bernanke did not advocate for additional monetary stimulus in his Jackson Hole speech on Friday, another key U.S. policymaker suggested the economy is in need of further fiscal stimulus.

Aboard Air Force Two, Vice President Joe Biden stated that “I think the economy does need more stimulus.”

Although Biden did not elaborate on the size of any proposed stimulus measures, he did note that “that it was difficult to get the 2009 package of some $830 billion in spending and tax cuts through Congress even when Democrats had majorities in the House of Representatives and the Senate,” according to a reuters report.

The article also noted that the Obama administration is planning to present new proposals over the next month to tackle the nation’s ongoing unemployment problem.

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