President Obama has proposed a $50 billion program to create jobs. Since I just called for a new stimulus package a few days ago, I can’t say it’s too late. It may be too late to catch the popular imagination and with that, the support it will need to happen. But $50 billion is certainly too little. It might make sense if all the economy needed was a shot in the arm. But for a $14-trillion economy like ours that’s practically in tatters and needs substantial rebuilding, $50 billion just repeats Obama’s typical pattern of timidity. However, if that’s all he intends to propose, it would make more sense to disburse it directly to the States, where it might at least be timely spent, and do some immediate good. Details of what I think would be more useful appear in my September 2nd post.
Obama’s $50 Billion Jobs Proposal – Too Little, Too Late?