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We Are Going to Need a Bigger Stimulus

Fourth quarter of 2008 GDP 1.55% below the third quarter level--and an equal decline now forecast for the first quarter.

Paul Krugman says:

Yikes. And if the data on new unemployment claims are any indication (which they are), the economy is continuing to plunge at least as fast.

As Brad DeLong says, I think we’re going to need a bigger stimulus.

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