Posted on 07/07/2009 11:08:50 AM PDT by Steelfish
More Help Needed For "Sicker" U.S. Economy
The U.S. probably requires a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was "a bit too small," says Obama adviser and UC Berkeley professor...
The U.S. probably requires a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was "a bit too small," says Obama adviser and UC Berkeley professor Laura Tyson.
Tyson, in a speech in Singapore today, said the first package will help, mostly in the third and fourth quarters, but what we have here is "sicker patient."
Tyson said she was speaking for herself, not the administration, but, as Bloomberg notes:
Tyson's comments contrast with remarks made two days ago by Vice President Joe Biden and fellow Obama adviser Austan Goolsbee, who said it was premature to discuss crafting another stimulus because the current measures have yet to fully take effect.
"The economy is worse than we forecast on which the stimulus program was based," said Tyson, who is a member of Obama's Economic Recovery Advisory board. "We probably have already 2.5 million more job losses than anticipated."
Tyson,a professor at the Haas School of Business and Bill Clinton's former chief economic adviser told reporters that the U.S. can afford to pay for a second package, even as the fiscal deficit soars.
She said the budget shortfall is "likely to be worse" than the equivalent of 12 percent of gross domestic product that the administration forecast for 2009 and the 8 percent to 9 percent it projected for next year, according to Bloomberg.
(Excerpt) Read more at sfgate.com ...
If we don't know these facts, how can we determine whether or not the first attempt was insufficient, or how the second attempt can be more successful?
I think they're just extorting more funds --which is why I no longer distinguish between government and organized crime. Just a big bunch of thugs up there on capital hill.
I am just stone faced over the stupidity of people who voted for this buffoon; and now because of it have lost their homes, jobs, and there is no end to the pain in sight. Yet still approve of him.
I’ve heard estimates that of the $787 Billion, maybe 20% was stimulus, whereas the rest was government expansion. If you have to spend trillions only to get 20% benefit (and there’s waste in the stimulus, don’t forget), of course it wasn’t enough, and no, we can’t afford another round.
The reason the economy is slow is not because of lack of stimulus. It’s because the root cause of the financial crisis has yet to be addressed combined with a new massive regulatory regime proposed by Obama that makes business planning near impossible.
I know plenty of companies related to energy, health, and service industries that are being even more cautious about hiring because of Obama.
Obama and the typical liberal have addled brains, they want more government as a solution to the problems government causes in the first place.
America needs another stimulus like Rosie O. needs more calories.
Hard to know what they’re thinking, since the President’s team is well aware that the stimulus money hasn’t been spent yet but the finacial markets have already counted that money as “lost” in their revaluation.
Which it is.
“We’ve bled the patient three times now, but he keeps getting worse.”
“Well, bleed him again.”
Exactly the people that the great Irv Homer, who just passed on June 26 (RIP, Irv), had in mind when he called them Boobus America.
go ahead....make my day!
We can call it the R. Budd Dwyer Democrat Party Self-Temination Act of 2009
I vote for a tax holiday!!!
She's poison.
Maybe its because the majority of the money was to grow government, not to provide jobs.
Stupid twit.
Acorn ... we need Acorn to get more money.
That will get the economy going.
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