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Pay no attention to the people behind the curtain

Monday, September 06, 2010

$50 billion is not enough

by folkbum

Believe me, I appreciate that President Obama came to visit and stump and drop a plan for some infrastructure spending. None of those things present a problem. This does:
President Barack Obama will announce on Monday a six-year infrastructure revamp plan with an initial investment of $50 billion to jump-start job creation, a white house official said. [. . .]

With a jobless rate near 10 percent, Democrats are facing predicted losses in the November 2 congressional elections and the Obama administration is trying to convince voters that Democratic policies can lead the way out of the country's deepest recession in 70 years.
$50b? That's a drop in the bucket. As I have noted before, the current recession has sucked an annual $1.2 trillion, with a T as in Trouble, out of the economy. The stimulus passed so far has amounted to a paltry $150 billion, with a B as in Baloney, annually. Even my readers who listen to Glenn Beck can do math well enough to know that $150b is a lot less than $1.2t, even if the decimals make it confusing.

Another $50 billion, spread out over six years, is a pittance. It's laughable. It's embarrassing. Unless this week brings some additional announcements about additional stimulus, the game is over. Obama and the Democrats had a choice to go big or go home. Apparently, they want to go home.

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