UPDATE: Warren Buffett (a Democrat & 2nd richest man in the USA) agrees with me that the first stimulus was simply a pay-off. Buffett Backs Second Stimulus - ABC News
"Our first stimulus bill ... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in ... as if everybody was putting in enough for their own constituents,"
The stimulus isn't working! HAHAHAHAHAHAHA! There's a news flash. It had no chance to work because it wasn't a stimulus for the economy, it was a payoff to the Democratic party constituencies.
Here's the uber-liberal Center for Economic and Policy Review's (CEPR) Dean Baker essentially making the point.
Beat the Press Archive | The American Prospect
The economists who missed the housing bubble seem to be having a hard time understanding the timing of the stimulus. While the vast majority of the money has not yet been spent, the economy has already felt the bulk of its impact. ...
... In other words, the remaining stimulus is an order of magnitude too small to give much of a boost to the economy. Economists who know arithmetic would be aware of this fact.
Meanwhile, economist Laura Tyson, an "outside advisor" to the President, suggests a second stimulus is in order
Obama Adviser Says U.S. Should Mull Second Stimulus (Update2) - Bloomberg.com
And the NY Times says the French got it right the first time ...
France’s Stimulus Projects Were ‘Shovel Ready’ - NYTimes.com
“America is six months behind; it has wasted a lot of time,” said Patrick Devedjian, the minister in charge of the French relance, or stimulus.
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