Sunday, July 12, 2009
And so the Associated Press headline read.* The President wants us to be patient. His stimulus plan will work. Just give it time.
Well, first, for it to work he’ll have to actually spend the money, which, for the most part, he hasn’t. As of July 8, only $90 billion of the $787 billion allocated has been spent – or is in “the pipeline” – which leaves a whopping $697 billion unspent.** The patience he’s asking for is with him and his administration for being such slackers, and has nothing to do with the effectiveness of the stimulus package if it had been implemented.
More to the point, what he’s doing is waiting for the economy to recover on its own, as it will, sooner rather than later, by which time he will have spent the stimulus money and take full credit for the recovery – as will the Democrats in Congress.
What a crock.
Suggested reading… “Occam’s Economics: A simple, back-of-the envelope plan to regenerate consumer spending – immediately.” which I posted Thursday morning, July 8.
*See the AP article on MSNC, “Obama urges patience on stimulus plan”
**The Washington Examiner, July 8, 2009, “First stimulus package spending at glacial pace; Obama wants another?”.