Well, folks, gird your loins, because they're just setting us up for another one. Why? Since the first one didn't work, they figure we'll all just bend over and take another one.
Time for more tea parties if you ask me.
The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an adviser to President Barack Obama.Maybe they figure if she says this overseas nobody will notice.
The current plan “will have a positive effect, but the real economy is a sicker patient,” Tyson said in a speech in Singapore today. The package will have a more pronounced impact in the third and fourth quarters, she added, stressing that she was speaking for herself and not the administration.
Expect a "clarification" shortly or some lame attempt to tell us she misspoke.
As for focusing on infrastructure projects, what happened to all those wonderful plans for shovel-ready projects? All I see being shoveled is horse dung.
Obama said last month that a second package isn’t needed yet, though he expects the jobless rate will exceed 10 percent this year. When Obama signed the first stimulus bill in February, his chief economic advisers forecast it would help hold the rate below 8 percent.
Unemployment increased to 9.5 percent in June, the highest since August 1983. The world’s largest economy has lost about 6.5 million jobs since December 2007.
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