Christina Romer (economist at UC Berkeley) has a very good essay in the Sunday New York Times (see here). She skillfully reviews some economic history and concludes her piece with the following paragraph:
Equally important, someone needs to explain to the nation and to world markets just why we must increase the debt in the short run. Unemployment of roughly 9 percent for 28 months and counting is a national emergency. We must fight it with the same passion and commitment we have brought to military emergencies in our past.
In my opinion, she is exactly correct. Of course, based on the results of the Iowa straw poll, her advice isn't likely to be acted upon anytime soon.
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