Sunday, February 22, 2009
Not stimulus at all
Perhaps I was a little late coming to the understanding, but others haven't even come close. Even by classic Keynesian logic, that $787 billion monstrosity wasn't a stimulus bill. There was little in it that would pump money into the economy in anything remotely resembling a timely manner. As this Register editorial explains, it repeals the Clinton-era welfare reform and puts in place numerous heavy-spending programs that won't be implemented for years. A wish list granted. But if the economy recovers, it's more likely to be due to natural forces, as Esmael Adibi explains, than through this spendathon.