About That Stimulus . . .
FROM the ARCHIVES: “An $800 Billion Mistake”
Posted by Larry Doyle on July 9, 2009 3:59 PM |
Is our economy so weak that we will need another Stimulus Package? In my opinion, the American public has become so numbed by the depth and breadth of the government bailouts and fiscal follies as to not fully appreciate their overall magnitude.
Let us not forget that in current dollars the initial Stimulus Package passed under the Obama administration was only exceeded by Uncle Sam’s funding of World War II. The development of the interstate highway system under the Eisenhower administration was of comparable size to this initial Stimulus. For those who care to compare and contrast the size and scope of federal programs over the years, I submit from the January 6, 2009 edition of the Wall Street Journal “Feel Like a Trillion Bucks”.
While politicians and bankers receiving federal bailouts throw “OUR” money around liberally, let us hold them to account. On that note, let’s revisit commentary from noted Harvard economist Martin Feldstein just prior to the passage of the initial Stimulus.
I resubmit “An $800 Billion Mistake.”