Soaring Job Losses Drive Stimulus Deal – this is the headline at the WSJ. Here’s the associated job graph.
Now let’s say on Tuesday we get a vote on the bill and $820 billion is now available. Exactly how long is it going to take to reverse that graph?
The short answer is nobody knows. The long answer is nobody knows. Exactly how is the spending (stimulus) going to bring jobs back at say Caterpillar, or IBM or any of the other myriad of companies who have laid off people?
The stimulus is really a joke. It’s more debt that we cannot afford, targeted to places that don’t need it and it’s not temporary enough (it will take years to spend this money) to solve the problem.
More haste makes more waste. 2 years from now we’ll know how much we’ve wasted. It’s really embarrassing yet it’s business as usual in Washington.
Can’t wait to see what Geithner has in store for the banks on Monday. My bet is that it’s at least another trillion dollar bailout.