Much has been argued about the effects of the $900 Billion spent in stimulus I and II under the Obama administration. Progressives argue the economy would be in worse shape (if that is possible) and conservatives argue the billions spent were a waste of taxpayer money.
Even though I am an economist by degree, the numbers are too big for me to understand. My class in “widgets” is long forgotten. (Although I can easily understand that if you don’t have the money, don’t write the check….a lesson Congress has not learned.) Fortunately, there are others with the ability to peel back the layers of this onion and bring some clarity to the situation. The detailed article at the bottom of this post from the Wall Street Journal attempts to assist us.
One of the major theories debunked in this article is that the Republicans are to blame for everything. It is easy to forget that the Democrats CONTROLLED both the House and Senate! If the Dems want to blame someone, they should take a look at the Blue Dog Democrats who voted the views of their conservative constituency! The GOP is not the party of “No” as the Obama administration would want us to believe!
With a 2010 budget deficit of $1.3 trillion, a national debt approaching $13.5 trillion, and unemployment at 9.6%, the economic brain trust of the government must get their act together!
The final paragraph of the article describes precisely what must happen to turn this economy around! Click and enjoy!
P.S. Special thanks to my research department! As usual, job well done!