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Economy

Stimulus 2.0

Einstein defined insanity as repeatedly doing the same thing and expecting different results.

President Obama announced yesterday that he will propose a second (or third, fourth, for those who have been counting) stimulus package targeted at job creation. Obama outlined the multi-billion dollar spending proposal by explaining that the nation must continue to "spend our way out of this recession." According to the Washington Post, the plan's "job-creation ideas build largely on elements of the $787 billion economic stimulus package passed this year."

Though it is quite probable that Obama's new (or, recurring) stimulus plan falls squarely within Einstein's criteria, at least a few emphases of the plan contain a kernel of potential optimism. It will, of necessity, carry a much lower price tag, small businesses will be targeted for tax relief and there seems to be an intention to reigning in debt accumulation. Yet there is sure to be plenty of the sort of unsupervised spending (i.e., waste) which has defined the former stimulus, and there is little chance the bill will even be considered in Congress until next year.

Again, Obama and the democrats are likely to "own" this stimulus package, as Republicans have indicated shock at the administration's obsession with continuing down this rabbit hole. Thus far, such ownership has not benefitted the Dems. Rassmusen polls indicate that Americans oppose this stimulus bill by a 56%-33% margin, with an equal numbers believing the last stimulus either helped or hurt the economy. Further, by 53%-29%, voters believe "the U.S. economy will be helped more by decisions made by business leaders to help their own businesses grow rather than by decisions made by government officials. 59% to 24% believe that an increase in government spending will hurt the economy.

Obama is now facing an uphill battle on economic policy in the face of a American populace which still seems to cling to the traditional, rugged-individualist idea of free-market capitalism - but it doesn't seem that he's taken any notice.

Categories > Economy

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