The memo that Larry Summers didn’t want Obama to see.
” ‘[Christine] Romer was frustrated that she wasn’t allowed to present an even larger option,’ suggesting that while the memo he obtained may have been the end of the story, it was far from the whole story. … In [an early] version of the memo, Romer calculated that it would take an eye-popping $1.7-to-$1.8 trillion to fill the entire hole in the economy—the ‘output gap,’ in economist-speak. … Alas, these words never made it into the memo the president saw.”
Noam Scheiber, “The Memo that Larry Summers Didn’t Want Obama to See”
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