Food Stamps are the Best Economic Stimulus (Fox and Friends)
I’ll be wearing my economist hat on Fox and Friends as I will explain why food stamps are the best economic stimulus.
I suggest skeptics take a basic course in economics (specifically, macroeconomics). Or you can study conservative economists, like my thesis adviser, Harvard Professor Martin Feldstein who led Ronald Reagan’s Chairman of Economic Advisors.
If you want more current economists, check out Mark Zandi, the Chief Economist for Moody’s, one of the top two credit ratings agencies in the world (along with Standard & Poors, who testified that the food-stamp multiplier in 2009 was 1.73 or about 6 times more powerful than a dollar spent extending the Bush tax cuts (multiplier = 0.29).
In sum, for every $100 billion spent on food stamps, the economy grows a robust $173 billion.
For every $100 billion spent on the Bush tax cuts, the economy grows a paltry $29 billion.
And for every $100 billion spent on tax cuts for the rich, the Congressional Budget Office estimates the economy could grow as little as $10 billion.