Harvard’s Feldstein: More Stimulus Will Do ‘More Harm Than Good’

Although a good number of (non-congressional) budget hawks are urging more federal spending to address the jobs crisis, not everyone is on board.

Martin Feldstein, the conservative Harvard economist and chief economic adviser to former President Ronald Reagan, said last night that, despite his support 16 months ago for the idea of stimulus spending (though not the ultimate bill), the time for such a government intervention has passed.

“At this time I think a stimulus spending bill would probably do more harm than good by further undermining confidence in the fiscal situation,” Feldstein, president emeritus of the National Bureau of Economic Research, wrote in an email.

It’s the best news Sen. Jim Bunning (R-Ky.) has had in a week.