The following is from a very astute and realistic friend in Texas:
Laura Tyson, an economic advisor to President Obama, is suggesting that the nation needs a major economic stimulus plan devoted to infrastructure spending to help the anemic economy recover. No, you’re not having déjà vu; the administration is laying the ground work for Stimulus II. Believe it or not, Tyson says the $787 billion stimulus bill was “a bit too small.”
In addition to our budget deficit, Washington is also suffering from a serious trust deficit. The trillion-dollar stimulus bill (it’s real cost with interest) was sold to the nation as an infrastructure plan full of “shovel ready” projects. We were told that if it passed, unemployment would not go above 8%. Well, infrastructure projects accounted for only 11% of the $787 billion, and unemployment today is 9.5%.
The bill wasn’t what Democrats told us it would be, nor has it done what they promised it would do. But now they are demanding a “redo.” I don’t know about you, but I want a refund!
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