Thursday, February 18, 2010
Obama Claims Stimulus Made Second Depression Less Likely
What a truckload of baloney. The stimulus--two-thirds of which remains unspent--has had little impact on our economy. The TARP credit market intervention (a.k.a "bank bailout") remains the only act of government that has had an appreciably positive impact on our economy. And it was a Bush initiative.
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The stimulus is primarily a re-election slush fund. I'm not sure if they've decided to use it this cycle or for the next Prez election. I suspect they'll use it in a targeted way this go 'round. But in '12 they'll spread it around like cow crap in a bean field.
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