Martin Feldstein, Harvard professor and member of President Obama’s economic recovery board, predicts the recession will last well into 2010, prompting the need for another massive spending bill.

Regarding the current, $787 billion spending package, Feldstein states, “The fiscal stimulus is just not large enough to offset the downward pressure that comes from reduced consumer spending…so unless somehow fixing the financial markets is enough to offset that, which I very much doubt, I think there will be a need for another fiscal stimulus package at some point.”

Later in the article, he goes on to discuss the weakness of the US Dollar due to the mammoth trade deficit and the recent, inflationary policies of the Federal Reserve.

Read the article here.