2008-11-04 — bloomberg.com
Lawmakers are facing growing calls from a measure that would dwarf the $168 billion economic stimulus package signed into law in February and the $175 billion measure Democratic presidential candidate Barack Obama has called for. Economists, including Martin Feldstein and Nouriel Roubini, say the economy is in such dire shape that the plan may have be much bigger, starting at about double the 2007 federal budget deficit of $161.5 billion.
This is infuriating. What are these helicopter-drops of money supposed to achieve? The last one didn't exactly solve our problems (nor has the helicopter-drop onto Wall Street, called the "TARP" plan). And further, we don't have any of the money, let alone $400 or $500 billion.
I don't think anyone advocating these "stimulus" moves has any coherent argument as to why they'll do any actual good, as opposed to harm. It's just done because of pressure to "do something" (to preserve the existing, dysfunctional system). -apk
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