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The Spectacle Blog

Basic, Basic Stimulus Arithmetic

By Joseph Lawler on 7.16.09 @ 10:53AM

The stimulus has so far failed to live up the Obama administration's promises. That's not up for debate; they promised that the stimulus package would cap unemployment at 8 percent for June, and unemployment reached 9.5 percent.

The question that raises is whether those numbers indicate that the stimulus was a failure, and should be cancelled, or that the stimulus was too small, and we need another stimulus on top of the $787 billiion already slated to be spent.

In the latest go round, Casey Mulligan of Chicago takes the first view in the NY Times Economix blog. Menzie Chinn of the University of Wisconsin rebuts him.

But they're debating over whether to have a second stimulus. Before we as a country sign up for another round of debt and big government, I think that we should at least frame the debate correctly. It would be a third stimulus. The recession began at the end of 2007, and George W. Bush's stimulus was passed in February of 2008.

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John| 7.16.09 @ 11:28AM

Um... perhaps a dose of reality could help to begin everybody's foray into Blog Punditry.

The Democrat "Package" was NOT repeat NOT a stimulus bill. Well, not a stimulus bill in the Keynesian sense... it stimulated campaign contributions and bankrolled golf trips to fancy resorts... so maybe the improved caddy tips are a way of stimulating the economy.

The fundamental truth is that "Democrat Stimulus" was pure PORK that had piled up during the 15 years that either the Congress or Presidency and a veto proof Congress controlled. Period...

In a parallel universe where Algore won in 2000, the national deficits and debt are even higher than the Bamster's current disaster.

It is sad testimony to see the nickle and dime Republicans pay dearly for their timid forays into freezers of bacon, while the hog farmer Dems are producing warehouses of sausage and ham.

The Democrat Party is having what seems to be a similar reaction to this "game" as compulsive gamblers have to throwing away their money on the next wager. The more they lose, the more they bet in hopes of winning back what they have lost... completely ignorant of the reality that they are now gambling with other people's money - and the interest on that cash is er... um.. problematic.

Ugly times ahead. The checking account is empty, the overdraft protection is exhausted, and there are still checks in the checkbook. Eventually those are going to run out too.

r/John - TMF

ds80| 7.16.09 @ 11:49AM

John: "Ugly times ahead. The checking account is empty, the overdraft protection is exhausted, and there are still checks in the checkbook."

Bingo. Some of us, like John, do get it. You can wail about either Democrats or Republicans, but the fact is that THEY, the entrenched Congressional Aristocracy, need to see the mob's torches and pitchforks.

2010: Time to refresh the tree of liberty.