Tuesday, January 27, 2009

Conservative old guy, supposedly smart, appears to support Obama plan.

I don't read long articles — I'll wait for the movie thank you very much — but people I know do, and someone recently posted this on facebook. The guy that posted it seems smart, so I'll go with it. Here are some excerpts:

More to It Than Meets the Eye
The hidden coherence of Obama's recovery plan.
by Irwin M. Stelzer
"It grieves me to say so, but President Obama's conservative critics just don't get it. The new president has put forward a plan for economic recovery that is more coherent than they are willing to admit. Start with the stimulus package of some $825 billion. A lot of money, more even than George W. Bush's $700 billion Troubled Asset Relief Program, but not much more as money is counted these days, especially as Obama's will be spent over two or three years. Critics complain that stimulus spending will add to the swollen federal debt. True: President Bush did leave his successor a $1.2 trillion annual deficit. To which Obama will add about $400 billion per year. Query: What empirical evidence is there that deficits of $1.6 trillion are more harmful during a period of economic recession than deficits."
Read the whole thing... if your into that kind of time-sucking investment. I need to update my facebook status to "Jay is posting old guy economic crap."

No comments: