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The Stimulus: Too Little, Too Late?
The Dow might be up and the economy might be growing, but where are all the jobs? With a multibilliondollar stimulus package facing criticism from Republicans for growing the deficit and from some on the left for being too small, we wonder just where the money did go.
Beyond just creating jobs, our panelists say, any real economic stimulus needs to make sure that the jobs created are good, with good benefits, living wages, and targeted to the people who need them the most. Max Fraad Wolff, professor of economics at The New School, Myles Lennon of the Laborers' Union, Local #10, Bettina Damiani of Good Jobs First and Nathan Newman of the Progressive States Network debate whether the stimulus has stopped the bleeding or whether it's more like a band-aid on a bullet wound.
Stymulus Smimulus, it was an excuse to spend money, as the results are showing.
Had they proposed to get off foreign oil, quit burning coal, fix all our infrastructure, be completely energy independant, or some goal. Then funded and ask the whole country to get busy making it happen, everybody from the workers to the bsuinesses could already be back to work.
We keep expecting the people who caused all our problems THE CONGRESS to fix them. THIS IS INSANITY.
By iremember54 on November 7th, 2009 at 12:20 am
I think what we have are two parallel economies, the corporate economy (that which gets all the attention and money) and the citizen’s economy (that which gets no attention and no help). These two economies are not mutually exclussive, and as such, pumping one up (the corporate economy) does not mean that the citizen’s economy will be pumped up as well. The corporate economy is based on greed and avarice, and as such, despite the horrendous economic outlook for citizens, it continues to promote consumer spending and consumer lending as the only means to ‘get the economy going”. However, increasing consumer spending and lending will only get its citizens in deeper financial trouble–how is that “good for the economy”? because they only speak of what is good for the corporate economy. On the citizen’s economy, what needs to happen is the opposite: reduce consumer spending and lending, and increase consumer saving. Promote thrift, promote fixing appliances and cars rather than buying new ones, promote clothing recycling among friends and relatives rather than buying new wardrobes, promote meal preparation rather than eating out. We as a country, will never be able to get out of this financial mess unless we begin to conserve our resources, waste less and learn to live with some slightly outdated electronics.
It infuriates me when I hear financial analysts, and our own government officials speak of the need for increased consumer spending, and the need for an increase of small business loans! It makes my head explode! How could they expect people who are struggling to spend more in order to keep their financial institutions happy, and how could anyone expect small businesses to borrow more money when people are not buying anythying!! This will only lead to a wider gap between the filthy rich corporations raking in the gazillions of dollars from this consumerist economy, government bailouts and tax cuts, and the citizens of this country who continue to get poorer and poorer every year as prices for everyithing continue to increase.
Inflation is measured by “things” that we don’t really need but consume anyway, like television sets and such. Yet, salaries and income is based on inflation! It’s an oxymoron! Social Security beneficiaries will not see a cost of living increase next year because there was ‘zero inflation’, however, this “zero inflation” does not measure food prices, utilities prices, health care prices–things that every single human being in this country needs to survive. Yet, the “Cost of Living” is based on the rate of “Inflation” that does not include COSTS of food, cleaning supplies, utilities, housing, or health care. It’s a joke.
Until our government recognizes that there are two separate economies, and until it recognizes that the dumb formula to calculate the so called inflation rates has absolutely nothing to do with actual cost of living, we will continue to have a terrible economic outlook for most citizens.
By Beca on November 7th, 2009 at 2:17 am
It was neither too little, nor too late. It was every Dollar too much, and it was wrong.
Very little has been accounted for, if any. It’s the same thing as when Bush gave hard-earned tax money to the banks. Giving money to failing industry is like throwing it out the window. The money ends up in foreign accounts, and the benefactors leave the country.
To use another metaphore: Like Iceland a year ago, the rats are grabbing whatever they can get their hands on before they abandon the sinking ship.
The healt-care bill is “Big Pharma’s” chance to rake in their share of the US treasury.
By simonbarsinister on November 9th, 2009 at 5:43 am