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That would be a substantial stimulus.
Like any good Keynesian, the new President's response was to promise a substantial stimulus package.
For this rosy picture to play out, they are counting on the Obama administration and Congress to come through with a substantial stimulus package, at least $675 billion over two years.
The first, passed by Oliver Cromwell's government in 1651, attempted chiefly to exclude the Dutch from England's carrying trade: goods imported from Africa, Asia, or America could be brought only in English ships, which included colonial vessels, thus giving the English North American merchant marine a substantial stimulus.
"Our findings imply that the rebates provided a substantial stimulus to the national economy, helping to end the recession of 2001".
Global Insight's chief U.S. financial economist Brian Bethune said that he is projecting that a substantial stimulus package will be passed in early 2009, which will cut taxes and boost infrastructure spending.
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I don't know whether seeing the figures as they read now, as opposed to how they printed at the time, would have compelled Barack Obama and the Congress to pass a more substantial stimulus package.
Despite a substantial fiscal stimulus and very accommodating monetary policy there is little sign that recovery is imminent.
David Blanchflower, the influential economist and member of the Bank of England's monetary policy committee, who predicted the recession, said the government should undertake "a substantial fiscal stimulus focused on jobs as soon as possible".
The central bank said the "stock of past purchases, together with the low level of bank rate, would continue to impart a substantial monetary stimulus to the economy for some time to come".
At a moment when the economy is already growing at an annual rate of about three per cent, and the unemployment rate has fallen to 4.1percentnt, its lowest level since 2000, Congress has introduced a substantial fiscal stimulus in the form of a big tax cut and higher spending.
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CEO of Professional Science Editing for Scientists @ prosciediting.com