The stimulus only delayed the inevitable, and will make the inevitable collapse all that much worse.
It wasn't inevitable. It still isn't. If we had a President who would immediately implement the Reagan model we would recover. Instead we have Mr. HopeNChange who appears to have exhausted his socialist approach and is flat out of ideas. For the socialist, it is all about spending money and there just is nothing left to spend. They've spent and borrowed pretty much all the creditors will allow.
So at this point, sadly, yeah, I do think we are dangerously close to a complete economic collapse. We may muddle along, but we are much closer to total disaster than even I could have imagined just a few months ago.
Pushing those taxes and social engineering experiments as far up the line as they can go is inevitably doomed.
The politicos did, however, try even to push the costs overseas, even to the ChiComs.
yitbos